Can you put money from the sale of a house into an ira?

The check or bank transfer for the proceeds of the sale must be paid to The Entrust Group, Inc. If you're under 59 and a half years old, taking money out of an IRA (which stands for individual retirement account) usually carries a 10% tax penalty. Any money you withdraw early from your IRA won't have a chance to grow and accumulate over time. It can be tempting to use money from your IRA to buy a home, especially if you're starting from scratch otherwise.