I am 62 years old and I would like to withdraw $100,000 to buy my son his first home. Is there anyway to avoid claiming the hundred thousand as income?
Terry Says: First, there is NO way to withdraw that $100,000 without declaring it as income — and it would put you in a much higher tax bracket. Second, you should NOT be giving an unemployed person money to buy a house. I know you love your son. But you are doing him no favor. And from the looks of it, he won’t be able to take care of you in your old age when you run out of money. If he is pressuring you to do this, please tell him I absolutely forbid it!!