Missouri Form 5766 (First-Time Home Buyers Bank Worksheet)
Online · Written guide Content date 1 min read
Missouri provides a state income tax deductions for individuals who use a dedicated savings account to purchase their first home. Missouri residents may deduct up to $1,600 (married filing jointly) or $800 (all other filers) annually when saving for a down payment and closing costs on their first home. Taxpayers must meet the following requirements to be eligible for this credit:
- Must be a Missouri resident.
- Must not have previously owned a home.
- Must not have been listed on a property title for at least three consecutive years (unless due to dissolution of marriage).
To enter the First-Time Home Buyers Bank Worksheet in Tax Processors Plus Online, from the main menu of the Missouri Tax Return select:
- Other Deductions
- Homebuyers Deduction
Additional Information:
Missouri State Tax Information
Tax Processors Plus Online strives to keep the information on this page timely and accurate but makes no promise or guarantee about the timeliness, accuracy, or completeness of the contents of this page. This is general information and is not intended to be tax advice. You are encouraged to also review the underlying state resources and publications.