Questions & Answers

What first-time home buyer savings account deposits and earnings can I subtract from my Montana income?

You can subtract the amounts you deposited into a Montana first-time home buyer savings account. Your Montana first-time home buyer savings account provides you with the opportunity to exclude from your Montana adjusted gross income up to $3,000 plus interest or other earnings on these funds annually. If you are Married Filing Jointly or Married Filing Separately - Same Form, both of you can subtract up to $3,000 of deposits and earnings from your individual first-time home buyer savings account.

For further instructions on the Montana first-time home buyer savings account see Montana Form FTB . When you claim this exclusion, you will need to include a copy of Form FTB with your Montana tax return.

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