MN First Time Homebuyers' Savings Account
While this a positive for homebuyers who have not owned a home in the last three years, at present, it's not the "Big Win" it's being touted as > http://blog.batc.org/a-big-win-for-first-time-homebuyers/.
In it's original form, all contributions into the fund up to a maximum, were meant to be a subtraction from income for the tax year of the deposit. However, after working its way through the legislature, that provision was dropped from the bill, leaving the only tax benefit at present being non-taxability of any gains made by the fund > http://www.revenue.state.mn.us/research_stats/revenue_analyses/2017_2018/hf0001(SS1)%20OTB%20First-time%20Home%20buyer.pdf.
While this is a good start and a means of forcing yourself to save for a home purchase , the finished product carries a significantly smaller tax benefit than the original version intended--a definite caveat.
Take care, Don Mailey
RE/MAX Results (952) 212-0968
Don@DonMailey.com
DonMailey.com
Home Search App
In it's original form, all contributions into the fund up to a maximum, were meant to be a subtraction from income for the tax year of the deposit. However, after working its way through the legislature, that provision was dropped from the bill, leaving the only tax benefit at present being non-taxability of any gains made by the fund > http://www.revenue.state.mn.us/research_stats/revenue_analyses/2017_2018/hf0001(SS1)%20OTB%20First-time%20Home%20buyer.pdf.
While this is a good start and a means of forcing yourself to save for a home purchase , the finished product carries a significantly smaller tax benefit than the original version intended--a definite caveat.
Take care, Don Mailey
RE/MAX Results (952) 212-0968
Don@DonMailey.com
DonMailey.com
Home Search App
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