First Time Homebuyer Savings Account (FHSA) Act Passes CO. Legislature

First Time Homebuyer Savings Account (FHSA) Act Passes CO. Legislature. A First-time Homebuyer Savings Account (FHSA) allows any Coloradan to set aside up to $50,000 toward the costs of purchasing a new home. The earnings on those funds — interest and capital gains — are free from Colorado state taxes forever. FHSAs are a great way for future homeowners to start saving early for the costs of buying a home. These accounts will be simple and easy to set up. Not only can you open a new one, you can also transfer money from one existing savings account to a FHSA. To create an FHSA, you simply include a form (promulgated by the Department of Revenue) when you file your state taxes designating the qualified beneficiary. A qualified beneficiary can be a child or grandchild, or the account holder may designate himself or herself as the qualified beneficiary. To learn more about the First-time Homebuyer Savings Account, visit http://firsttimehomebuyerco.com/