Virginia Regulatory Town Hall
Department of Taxation
Guidance Document Information
Title First-Time Homebuyer Savings Account Guidelines
Document ID Individual
Summary During the 2014 Session, the Virginia General Assembly enacted House Bill 331 (2014 Acts of Assembly, Chapter 729), which allows an individual to designate an account at a financial institution as a first-time home buyer savings account. Distributions from such accounts must then be used for the purpose of paying or reimbursing the down payment and allowable closing costs for the purchase of a single-family residence in Virginia by a qualified beneficiary. An account holder may subtract any interest, capital gains, or other income attributable to such account to the extent it is subject to federal income taxation. These guidelines are published by the Department to provide guidance to taxpayers regarding first-time home buyer savings accounts as required by Va. Code § 55-556.
Effective Date 10/3/2016
pdf View document text     Posted On 12/14/2017                 Document on Town Hall
Explanation or Citations Va. Code §§ 58.1-322 and 55-555 through 55-559.

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