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.