Scammers are contacting taxpayers while pretending to be from the Michigan Department of Treasury, using out‑of‑state phone numbers. They may request payments or attempt to trick you into providing your bank account information. Always verify the source before sharing any personal or financial details.
Is Interest earned on a First-Time Home Buyer Savings Account Deductible?
Is Interest earned on a First-Time Home Buyer Savings Account Deductible?
Yes, to the extent not deducted in determining AGI, interest earned in the tax year on an account is deductible. The account holder must submit with their MI-1040 income tax return account statements showing contributions and withdrawals made during that tax year, taxable interest or earnings on the account, and the Form 1099 issued by the financial institution for the account.