Who is eligible?
Any Idaho resident who has filed an income tax return in Idaho for the most recent taxable year, and who does not own, either individually or jointly, a single-family or multi-family residence and who has never owned or purchased, either individually or jointly, a single-family residence in any location.
What’s the benefit?
Idaho residents who set up a First-Time Home Buyer Savings Account may claim an income tax deduction on their account contributions and interest earned starting with their Idaho income tax return. Individuals may deduct up to $15,000 each year. Married couples filing a joint tax return can deduct up to $30,000 a year. Deposits into a first-time home buyer savings account shall not exceed one hundred thousand dollars $100,000 for the lifetime of the account.
Married individuals filing jointly are considered the account holder if they both reside in Idaho, if at least one (1) of them has filed an income tax return in Idaho for the most recent taxable year, and if at least one (1) of them is a first-time home buyer.
What can you spend your First-time Home Buyer Savings Account on?
What are the requirements?
With a First Time Home Buyer Savings Account from Lookout Credit Union, no withdrawals may be made from a first-time home buyer savings account within the first thirty (30) days from the establishment of the account. Thereafter, funds held in a first-time home buyer savings account may be withdrawn by the account holder at any time. The withdrawal of funds by the account holder for purposes other than the payment of eligible home costs shall be subject to taxes otherwise due. Withdrawals after 30 days, including accrued interest, are not taxable when the money is used to cover eligible costs on qualifying home purchases. Eligible costs include: Down payment on a single family residence in Idaho and costs, fees, taxes, or payments owed on a qualifying home purchase The account holder may not use account to pay expenses of administering the account.
Savings Account Details
Consult with a mortgage loan officer today to find out more about opening your First-Time Homebuyer Savings Account!
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*For more information and detailed requirements, visit the Idaho Legislature Website. Borrowers should consult their own tax advisors to determine if they are eligible for tax deductions. Effective 03/17/21. Home loan products are available to those who qualify. This is not a commitment to lend. Restrictions apply. Credit on approval. Terms subject to change without notice. Contact us for details. NMLS License# 441386. Certain membership requirements may apply.