Questions & Answers

What is the First Time Home Buyer Savings Account Subtraction?

Colorado taxpayers can set up a first time home buyer savings account. Interest and capital gains in this account are not taxed by Colorado if eventually used for qualified costs. Colorado allows a maximum subtraction per year of $14,000 ($28,000 if married filinng jointly). There's also a maximum subtraction of $50,000 for all years.

For more information see the DR 0350 instructions .

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