First-Time Homebuyer Savings Account

By Missouri REALTORS posted 10 days ago

  

First-Time Homebuyer Savings Account

The Missouri First-Time Homebuyer Savings Account is now available to help Missourians achieve their dream of homeownership!

Did you know first-time homebuyers in Missouri can lower their taxes by saving money for their down payment and associated closing costs? Annually, qualifying first-time homebuyers can deduct up to $1,600 for married couples filing a joint return, and $800 for all other filers.

  • DO YOU QUALIFY? As a Missouri resident, you qualify for this program as long as you haven’t previously owned a home of any kind, or as a result of the individual’s dissolution of marriage, has not been listed on a property title for at least three consecutive years.
  • CAN YOU AFFORD A HOME? Your local REALTOR® can help you understand the costs of buying a home and find a home that best fits your needs.
  • HOW DOES THIS WORK? Annual contributions are up to $3,200 for married couples filing a joint return and $1,600 for all other filers. Tax deductions are capped at up to $1,600 for married couples and $800 for all other filers.
  • WHEN CAN YOU START? You can open a Missouri First-Time Homebuyer Savings Account TODAY and Start Saving NOW!

For more information about the Missouri First-Time Homebuyer Savings Account, visit:  www.missourifirsthome.com

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