What documentation is required to claim the Virginia First-Time Home Buyer Savings Account subtraction?

In order to claim the Virginia First-Time Home Buyer Savings Account subtraction, you must submit documentation for each account that you have designated as a first-time home buyer savings account. The documentation must include the following information:

• The name and address of the financial institution that maintains the account;
• The names of any other individuals with an ownership interest in the account;
• The account number or other account identifier;
• The type of principal (cash or marketable securities) contributed to the account as of the last day of the taxable year;
• The amount of principal and interest in the account as of the last day of the taxable year;
• The amount of any withdrawals from the account during the taxable year; and
• The account beneficiary or beneficiaries.

This documentation must be included with the tax return where you first claim this subtraction, in order to designate your account(s) as a first-time home buyer savings account. If this is not your first year claiming this credit, you must submit updated documentation for your account(s) with your tax return.

More information is available in the First-Time Home Buyer Savings Account Guidelines .