Are you a Missouri resident that is looking to purchase your first home in the near future? Are you still saving towards the down payment & related costs ? A new tax-deductible savings account dedicated to the purchase of a first home in MO could help you reach the goal of home ownership!
Here are some basic guidelines:
- 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.
You can find out more here. If you qualify, the easiest place to start is by opening a Missouri First-Time Homebuyer Savings Account. From there, work with a Realtor who can further explain the advantages of home ownership, knows your market best, and can negotiate on your behalf. If you have further questions about the home buying process, local lenders & loan programs, the market, etc., The Real Estate Riders of Keller Williams would love to provide those answers. Call Carolyn at 417-880-4042 or Charles at 417-849-0239 or visit us on our website here.