Guidance Document Information
||First-Time Homebuyer Savings Account Guidelines
||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.
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Posted On 12/14/2017
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|Explanation or Citations
||Va. Code §§ 58.1-322 and 55-555 through 55-559.
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