Published August 13, 2019
Oregon First-Time Buyers Savings Account
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What
it is it? / What’s the benefit?
The Oregon First-Time Buyers Savings Account allows Oregon residents
to save money for first-time homeownership and may reduce Oregon tax liability.
Eligible individuals may deduct up to $5,000 (per person)
from taxable income for deposits and earnings in a First-Time Buyer Savings
Account each year. The deduction may be up to $10,000 for those filing jointly.
Who
is eligible?
Any Oregon resident who has not
owned or purchased a home individually or jointly in the three years prior to
the date of their planned purchase of a home in Oregon.
What
are the requirements?
An account can be opened anytime between January 1, 2019 and December 31, 2026. Money that is deposited into the First-time Home Buyers Savings Account needs to be used to purchase a single-family home within 10 years of initially opening the account.
If you qualify, you can set-up an account at any financial institution that offers a First-Time Buyers Savings Account in Oregon. Our friends at Willamette Valley Bank is one the few to currently offer this kind of account.
