What are the requirements to qualify for the First-time Homebuyers exception?
First-time Homebuyers exception applies to any distribution used, within 120 days of the date the distribution is received, to pay for the acquisition, construction or reconstruction of your principal residence or the principal residence of your spouse, or your or your spouses child, grandchild or ancestor, provided that the individual for whom the principal residence is acquired or constructed (and the individuals spouse) had no present interesting a principal residence during the 2-year period ending on the date a binding contract to acquire the principal residence was entered into or on which construction or reconstruction of the principal residence commenced. The aggregate amount of distributions received by you during your lifetime which may be treated as Qualified First-time Homebuyer Distributions may not exceed $10,000.
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