Did you know, creating a savings account to buy a home can help …
Did you know, creating a savings account to buy a home can help reduce your taxes?
Oregon's First-time Home Buyer Savings Account law allows residents to save money for first-time home ownership and may reduce your Oregon tax liability.
Who's eligible?
Any Oregon resident who hasn't purchased or owned a single-family home, either individually or jointly, in the three years prior to the date of their planned purchase of a new home in Oregon.
What's the benefit?
As an individual, you may deduct up to $5,000 from your Oregon taxable income for deposits and earnings in a First-Time Home Buyer Savings Account each year, for a maximum of 10 years. For those filing jointly, the deduction can be up to $10,000 per year.
What can you spend your First-time Home Buyer Savings Account on?
? Down payment. ? Closing costs. ? Realtor fees. ? Appraisal costs. ? Loan Origination fees.
What are the requirements?
A First Time Home Buyer Savings Account can be opened anytime between January 1, 2019 through December 31, 2026. Money deposited in the First-time Home Buyer Savings Account must be used to buy a single-family home within 10 years of initially opening the account. If funds are not used to purchase a home, a five percent penalty may be imposed, and you will be required to add back to your income any amounts previously deducted.
Where can you set up an account?
Any financial institution that offers First-time Home Buyers Savings Accounts in Oregon. Ask your financial institution if they participate.
For more information and detailed requirements, visit our website at dor.
955 Center St NE, Salem OR 97301
150-101-013 (Rev. 10-18)
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