Utilize a tax credit while financially planning for your or a loved one’s first home purchase!
Beginning in the 2017 tax year, Minnesota residents saving for either themselves or a beneficiary can qualify for deductions from their Minnesota taxable income based on interest earned on the money they’re saving to use on for the purchase of a first home.*
Here are a few highlights of the Minnesota tax credit program:
- Minnesotans can apply this tax advantage for a maximum of 10 years.
- Each year savers can individually contribute $14,000 and $28,000 for a married couple filing jointly.
- In total savers can contribute up to $50,000 individually and $100,000 for a married couple filing jointly.
- Funds are eligible to cover closing costs, the down payment on a single-family home, or the cost of construction on a single-family home.
If you want to take advantage of this first-time homebuyer tax credit, we can help you start saving for your first home with great interest rates! Open a TruStone Financial savings account and conveniently manage your home’s savings with services such as mobile banking and account transfers. Plus, having a separate account for your home’s savings will make claiming your interest earned easier come tax season.
We understand that saving up for your first home takes time. No matter where you are on the home buying journey, our friends at Mortgage Lending Services will be able to help you make a house your home when the time is right.
*Consult your tax advisor for details on how to apply this tax-advantage. For more specific information, click here to visit the Minnesota Department of Revenue website.