I am looking into buying a house for my father with his IRA. There is a "safe harbor" IRA which would enable us to use his IRA funds to purchase property that he can live in without major tax consequences. Just wondering if anyone knows the drawbacks of doing this? It seems like a great idea to me, but many people seem to be negative about it without clear reasons.
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I mean suppose the gov. has deducted taxes from your salaries, but they actually have to give you a small refund, if you get an IRA will it increase the size of the refund?
but will that adjustment result in increased refunds, assuming you had a small refund, from the taxes the gov. retained from your salary each month?
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