Idaho's First Time Home Buyers Savings Account

First-Time Home Buyer Savings Account
Creates a savings account for first-time home buyers in Idaho. In this instance, the term “First-time home buyers” references buyers who have never owned or purchased a home in the state of Idaho. Savings can be used for a down payment and associated costs. The Idaho State Tax Commission will be the overseeing entity concerning the rules and forms of this new account. The money saved can be deducted from a person’s Idaho income during that tax year. Deductions are limited to $15,000/single individual or $30,000/married couple annually, with an overall cap of $100,000 per account. Please contact us for more information.