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Last updated on February 2nd, 2021 at 05:51 pm
Idaho State Tax Commission released news about a new law, which allows first-time homebuyers in Idaho to reduce the individual income tax they owe and save money.
Section 63-3022V states that an individual who resides in Idaho and has filed an income tax return for the most recent taxable year, who is a first-time homebuyer, and who establishes, individually or jointly, a first-time home buyer savings account at an Idaho financial institution.
Married individuals filing jointly are considered the account holder if they both reside in Idaho an avail of this facility.
Idahoans can deduct up to $15,000 each year. Married couples filing a joint tax return can deduct up to $30,000 a year.
Withdrawals including accrued interest from the account balance are not taxable when account owners use the money to make a down payment on their first home or to cover other eligible costs related to buying the home.
With a clause stating the account owner should not have a previously owned home.
The Idaho State Tax Commission must be reported of any amount withdrawals by the financial institutions by using a FORM ID-FTHB. The condition being, account deposits cannot exceed $100,000 over the lifetime of the account.
Reference Source: DailyFLY
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