First-Time Home Savings
The first-time home savings account can be used for the purchase or construction of a real-property, primary residence in the state of Kansas, when qualifying as a first-time home buyer
- There are maximum annual contributions of $3,000/individual or $6,000/married filing jointly
- The maximum account balance in $50,000 (be sure to allow for interest)
- You must allow 1 year to pass before the funds can be used
- The account holder is responsible for ensuring all requirements are met
- There can only be 1 beneficiary per account
