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Tax Free Savings Accounts Help First-Time Buyers

financial statementsFirst-time home buyers in Virginia just got an added incentive to save for their first home purchase – tax free savings accounts!

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.