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orpdx
April 5, 2022
Solved

First Time Home buyer Subtraction Tax year 2021

  • April 5, 2022
  • 1 reply
  • 0 views

Hi There,

 

I would like to leverage First Time Home buyer Subtraction for the Tax year 2021, but can I open the account now and contribute to it in 2022 ? similar to HSA or IRA accounts ? or this is not a possibility ?

State : Oregon 

    Best answer by JulieS

    No, it is very clear that the subtraction is for deposits and earnings made during the tax year. 

     

    Here an excerpt from Publication OR-17:

    "Oregon allows a subtraction for amounts you deposited during the tax year into a designated FTHBSA, along with any earnings on your deposits."

     

    And later in the same section:

    "Only those amounts that were deposited or earned during the tax year may be subtracted from that year’s Oregon taxable income."

    1 reply

    M
    Mike9241
    April 5, 2022

    https://www.oregon.gov/dor/forms/FormsPubs/publication-or-17_101-431_2021.pdf 

    page 76

    Only those amounts that were deposited or earned during the tax year may be subtracted from that year’s Oregon taxable income.

    O
    orpdxAuthor
    April 5, 2022

    Thank you Mike for the response.. "The amount deposited or earned during the year can be considered .. "

    Can it be interpreted as that we can still deposit now and show proof that it was earned during 2021 ?

     

    J
    JulieSAnswer
    April 5, 2022

    No, it is very clear that the subtraction is for deposits and earnings made during the tax year. 

     

    Here an excerpt from Publication OR-17:

    "Oregon allows a subtraction for amounts you deposited during the tax year into a designated FTHBSA, along with any earnings on your deposits."

     

    And later in the same section:

    "Only those amounts that were deposited or earned during the tax year may be subtracted from that year’s Oregon taxable income."

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