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 the
Comments
Post a Comment