Tax Free Savings Accounts Help First-Time Buyers
Starting July 1, 2014, Virginians will be able to set aside $50,000 in investment accounts, including savings accounts, mutual funds, and brokerage accounts. This money, which will be free of state taxes, can be used to cover the cost of a down payment and closing costs for first-time buyers.
This new legislation for “first-time homebuyer savings plan accounts” recently passed the General Assembly and just awaits the governor’s signature.
Encouraging citizens to start saving early for the purchase of a home was the driving force behind these accounts, according to supporters of the legislation. Grandparents can even set up an account for a newborn!
We love this program at Dwell Residential and encourage our clients to get ready to start saving now.