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Showing posts from January, 2019

Missouri First Time Home Buyer Savings Account

Missouri First Home Savings Account

Thanks to a new law, Missourians can now save for their down payment with a Missouri First-Time Homebuyer Savings Account; a tax-deductible savings account dedicated to the purchase of a first home in Missouri.
All Missouri residents qualify for this program as long as they haven’t previously owned a home of any kind, or as a result of the individual’s dissolution of marriage, have not been listed on a property title for at least three consecutive years.Parents or grandparents can open an account for their children or grandchildren and contribute to those accounts as well.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.Account holders can apply the tax deduction on contributions up to $20,000.
Many people believe they need to put 20% down to p…