Oregon now allows first-time homebuyers to open First-Time Home Buyer Savings Accounts at any bank. This change simplifies access to tax benefits for those saving for a home, according to the Department of Revenue.
The Oregon Department of Revenue announced new rules for 2025 taxes. Individuals can deduct up to $6,125, and couples filing jointly can deduct up to $12,245 from their deposits and earnings. To qualify, the account holder or beneficiary must be a first-time homebuyer, meaning they haven't owned or bought a home in the past three years, as reported by the Department of Revenue.
The new changes allow homebuyers to save up to $50,000 in tax benefits over ten years. The funds can be used for down payments, insurance, and closing costs. Family and friends can also contribute by opening accounts. To set up an account and beneficiary, use Form OR-HOME from the state’s Forms Library, as stated by the Department of Revenue.
