- March 3, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Exploring First Time Homebuyer Savings Accounts
I recently learned about first time homebuyer savings accounts and I am interested in hearing about others’ experiences with them. I am considering the benefits of using one compared to investing in the stock market for growth or simply putting money into a high-yield savings account.
### Benefits of a First Time Homebuyer SA in Montana
In Montana, the tax benefits of a first time homebuyer savings account can be significant. Up to $3000 of contributions are untaxed from gross income, and all dividends earned are tax-free. However, I am unsure if capital gains are incurred when using the funds in the savings account to purchase a home. Additionally, I do not have information on the average rates offered by local banks, as they are not readily available online. If anyone has insight into this or has experience with a first time homebuyer SA, I would appreciate any input.
### Investment Options: Stock Market and High-Yield Savings Account
Currently, I am receiving around $40 in dividends per month from my stock market investments and am reinvesting an additional $10 of dividends every month. My high-yield savings account offers a 5.21% Annual Percentage Rate (APR), which is the highest rate I have found.
### Planning for the Future Home Purchase
I am looking to purchase a home in about two years and anticipate having around $70,000 saved. The target price range for the house is $350,000.
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