We want you to be able to finance your dream of home ownership, and saving up is a crucial first step in the home buying process.
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 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.
Start saving for your first home and take advantage of this first-time homebuyer tax credit by opening a new savings account with our friends at TruStone Financial! They’ll help you 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.
Once you’ve saved up, we at TruStone Home Mortgage look forward to helping you make a house your first home.*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.