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Qualified Acquisition Cost
What is 'Qualified Acquisition Cost'
These are items, in the context of IRA withdrawls, that constitute penalty free withdrawls for an IRA owner who uses the assets to purchase a first home.
Explaining 'Qualified Acquisition Cost'
These include the following items:
- Costs of buying, building, or rebuilding a home.
- Any usual or reasonable settlement, financing, or other closing costs.