02/11/2022
Michigan is helping you buy a home!
You will now be able to open first-time home buyer savings accounts to intelligently save for the purchase of a principal residence in Michigan. Account holders can deduct up to $5,000 for a single return or $10,000 for a joint return on their annual state income taxes for contributions into the account. Any associated interest accrued would also be exempt from state income tax, so long as it was used for a first-time home purchase. The definition of financial institution is very broad, including both interest bearing savings accounts and brokerage accounts, providing account holders with the necessary freedom to find the savings vehicle that is right for them. The definition of a first-time home buyer is also very important. “First-time home buyer” means an individual who is a resident of this state and has not owned or purchased, either individually or jointly, a single-family residence during a period of 3 years prior to the date of the purchase of a single-family residence.
Know anyone who is looking to purchase a home and hasn't in the past 3 years? When did we buy your current home?
This is a great way to help homeowners in Michigan! Call me! 313.331.7337