Hello, I need advice on how to handle this:
I bought a house in the past week. Before I bought it I withdrew 15k from my traditional IRA because I heard I can use 10k for a 1st home purchase and 5k for the birth of a child (my child was born this past August).
However, my wife bought a house while we were married a few years ago. Joint title but only she is on the mortgage. We did not withdraw anything from the IRA then. This house purchase is joint title as well but only I am on the mortgage.
So my question is does my wife owning the house make that my 1st home? How will the IRS look at it? I am still within the 60 day window to return the withdrawal as I ended up not needing it.