457(b) to Roth IRA conversion for investment property purchase... questions
i've done a bit of reading online and some things still aren't clear, and since there are some financial savvy people on here, i figured i would ask since someone may have experience in this.
i have a 457(b) plan and i'm looking to convert $10k of it ($10k is the one time limit) to a roth IRA only to use for a down payment for an investment property.
i've read that its for a "first time home purchase", but i've also read that what the government rules define as a "first time" is pretty loose. this would be my first time doing this if i can.
the 457(b) is pre tax, and the roth IRA is post tax. has anyone done this, and is there a basic tax equation for it?
also, this would be my second strictly investment property, not my first, but does this qualify since its my "first time" using my roth IRA for this?
my goal is to convert my 457b to a roth ira and using it for part of a down payment while paying minimal taxes.
i know this isn't ideal, but i found a property i want to jump on, and i don't quite have enough to make a serious offer.