325 W Third St
Moscow, ID 83843
About UsRE/MAX Connections is a full-service real estate brokerage office based in Moscow, Idaho, with a mission to provide the highest quality expert real estate advice and service to our clients and customers while maintaining the utmost in ethical and professional standards. Our local, experienced and trusted agents have a wealth of knowledge about property values, marketing, staging, and technology including virtual tours and drone videos. We understand the nuances and niches of the greater Latah County area and its communities. We love it here and look forward to introducing you to your Idahome!
Have you heard about Idaho’s new First-Time Home Buyer Savings Account?
During the 2020 legislative session, a new tax-deductible savings tool, H589, was created to provide first-time home buyers the ability to establish savings accounts for down payments and closing costs associated with their first home purchase. H589 allows individuals to save up to $15,000 per year and up to $100,000 total, or married couples at $30,000 per year up to $100,000 total; all can be Idaho income tax deductible.
How does the account work:
* An individual or couple goes to a participating financial institution and asks to open a First-Time Home Buyer Savings Account.
* If the institution is set up for these accounts, buyers will be able to deposit funds during the life of the account and at the end of each year deduct the deposited amount (up to the caps) from their gross income for state income tax calculations.
* If the funds are used for the down payment or closing costs of a first-time home purchase, they are valid.
* There are no additional penalties or interest just the tax collected that otherwise would have been owed.
* Only the first-time home buyer can establish the account.
This is a great tool to try and promote more savings in preparation for first-time home buyers and hopefully creating more equity at the time of purchase.
Moscow RE/MAX agent Cindy Agidius discusses the need for this program and why here.
The experience. The tools. The know-how. As your local full service RE/MAX® team, we make it our top priority to make the process of buying and selling a home as simple and as stress-free as possible. No one knows the area better than our trusted real estate professionals who live and work in our local communities. Please don’t hesitate to contact us today!
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