Posted By: LSmith
First-Time Home Buyer Savings Account - 07/18/17 03:45 PM
This bill allows a first-time homebuyers to open a savings account to save money toward buying a home.
It says that Beginning in 2018, individuals can deduct up to $2500 from their state adjusted gross income when they make deposits into a First-Time Homebuyer Savings account. Couples up to $5000.
My question is, can they start making contributions in 2017 for 2018 are do they need to wait until January, 2018 to open the account?
It says that Beginning in 2018, individuals can deduct up to $2500 from their state adjusted gross income when they make deposits into a First-Time Homebuyer Savings account. Couples up to $5000.
My question is, can they start making contributions in 2017 for 2018 are do they need to wait until January, 2018 to open the account?