eilano Posted February 7, 2006 Posted February 7, 2006 A participant wants to take out a hardship distribution for a lease / purchase of a primary residence. We've got a copy of the lease / purchase agreement where it looks like it is a lease agreement for the first 12 months with the option to purchase the residence after 12 months. Does this qualify for a hardship distribution for the reason of purchasing a primary residence even if the purchase will not take place until one year later?
JanetM Posted February 8, 2006 Posted February 8, 2006 IMHO, only if you squint while looking at it upside down wearing rose colored glasses while riding a skateboard over a cliff. What if they don't opt to purchase at the end of one year? I don't think it qualifies. JanetM CPA, MBA
MWeddell Posted February 8, 2006 Posted February 8, 2006 12 months from now, it might be a purchase. Right now it's a lease with an option to purchase. I vote 'no' as well.
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