2023 Tax Calendar
VIEWpoint Issue 2 | 2022
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The 2022 Gift Tax Return Deadline Is Coming Up Soon
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On Feb. 9, 2022, Michigan Governor Gretchen Whitmer signed a bill amending the Michigan Income Tax Act to allow for a tax deduction for contributions to first-time homebuyer savings accounts. Beginning Jan. 1, 2022, through Dec. 31, 2026, individuals can reap new tax benefits when contributing to these accounts before purchasing their first home.
The state will now allow annual income tax deductions for all of the following:
An individual is considered the designated beneficiary of a first-time homebuyer savings account if they are a Michigan resident and have not owned or purchased a single-family home within three years of the purchase date of the new single-family home (whether solely or jointly). In the event a withdrawal is determined as nonqualified, the individual will need to add the withdrawn amount back into their adjusted gross income.
If you have questions about the first-time homebuyer savings program, Doeren Mayhew’s individual tax advisors are here to help. Contact us today to learn more.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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