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First Time Home Buyers
First Time Home Buyers
Frequently Asked Questions
- What is the Michigan First-Time Home Buyer Savings Program?
- How can I open a first-time home buyer savings account?
- Who is a first-time home buyer?
- Who is an account holder?
- Who is a qualified beneficiary?
- Which financial institutions may be used to create a first-time home buyer savings account?
- May an individual be the account holder of more than one first-time home buyer savings account?
- May a person be the qualified beneficiary on more than one first-time home buyer savings account?
- What expenses are “eligible costs” that may be paid or reimbursed from a First-Time Home Buyer Savings Account?
- What expenses qualify as “allowable closing costs?”
- What is a settlement statement?
- What documentation should I submit if I am claiming a deduction, but I am not the account holder?
- What documentation should I submit if I am the account holder?
- What if more than one person contributed to an account that had a qualified withdrawal during the tax year?
- What is a Michigan single-family residence?
- Does a manufactured home qualify as a single-family residence?
- What is a principal residence?
- Are contributions to a first-time home buyer account tax deductible?
- Is interest earned on a first-time home buyer savings account deductible?
- For what tax years may deductions be taken for contributions to first-time home buyer savings accounts?
- Is there an income tax form that must be filed for a first-time home buyer savings account?
- What records should be retained?
- Does a financial institution have any responsibilities connected to first-time home buyer savings accounts?
- Can I withdraw funds from one first-time home buyer savings account and deposit them into another account?
- What happens to the funds in a first-time home buyer account when the account holder dies?
- Is there a maximum account balance for a first-time home buyer savings account?
- Are there expenses that first-time home buyer saving account funds cannot be used for?
- Is there a penalty for withdrawing funds from a first-time home buyer savings account and using those funds for purposes other than to pay or reimburse "eligible costs" associated with this program?
- Under what circumstances will a withdrawal for purposes other than to pay or reimburse for eligible costs not be subject to penalty?
- What types of contributions can be made to a first-time home buyer savings account?