New Law Gives Tax Break To New Yorkers Saving For First Home
If you are in the processing of saving for your first home, a new law will make those savings tax deductible.
According to a Times Union by New York Assembly Member John McDonald Governor Cuomo has signed into law a bill that will allow first time home buyers to create a savings account, similar to a 529 college account, where single home buyers can deposit up to $5000 a year (Couples $10,000) that is tax deductible.
This is a really great idea and it will be helpful for first time home buyers. Having gone through this process myself over the last few years, getting the savings together to pay for a down payment and closing costs can be a huge effort. Having some tax savings would have been super helpful as my wife Stacy and I went through the process, as getting that kind of savings together requires a lot of cost cutting on other areas.
Every little bit helps, and this should be very helpful for those looking to achieve the dream of home ownership!