What type of expert should I seek?
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What type of expert should I seek?
I want to withdraw 401k funds to purchase a second home – for personal use, not
for rental or other income purposes. I would like to minimize tax effect of this
action. Do I need to talk to a real estate attorney, a tax attorney, a general
attorney, a CPA, a CFP, or other professional?
Asked on June 27, 2016 under Real Estate Law, Tennessee
Answers:
B.H.F., Member, Texas State Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
There are attorneys who are CPA's. Start with one of those so they can review legal and tax consequences with you at the same time. Any financial adviser is going to remind you of the risk of withdrawing funds from your 401k. You have potential tax hits, you will potentially be tied to an employer trying to repay the loan, and there may be other financing options that are safer and more cost effective.
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