Cash and marketable securities may be contributed to a first-time home buyer savings account. Marketable securities are assets that can be liquidated quickly and converted to cash at a reasonable price, for example, common or preferred stock, bonds, or Treasury bills. Earnings derived from these marketable securities, such as dividends or gains from the sale of marketable securities are not exempt and are subject to Michigan income tax.
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.