Changes make it easier to claim tax benefits when saving for your first home

Salem, OR— Aspiring homeowners looking to take their first steps into the real estate market now have greater access to a key tool that can help make their dreams of home ownership more affordable.

Legislative changes to the state’s First-Time Home Buyer Savings Account program last year make it easier than ever to reap tax benefits while saving for a home. First-time home buyers can now open accounts at any financial institution, and friends or family will be able to open an account to help someone else.

Individual First-Time Home Buyer Savings Account holders will be able to subtract up to $6,125 of their 2025 deposits and earnings from their Oregon income when they file their tax year 2025 return in 2026. Joint filers will be able to subtract up to $12,245. To qualify, the account holder or beneficiary can’t have owned or purchased a residence in the three years prior to the date of their planned purchase.

Account holders qualify for a cumulative tax subtraction of as much as $50,000 over a decade, and deposited funds can be used for costs such as down payments, insurance, commissions and other closing costs.

Account holders can designate an account and a beneficiary, if applicable, using Form  OR-HOME, which can be found in the agency Forms and Publications Library.

To get tax forms, check the status of your refund, or make tax payments, visit www.oregon.gov/dor or email [email protected]. You also can call 800-356-4222 toll-free from an Oregon prefix (English or Spanish) or 503-378-4988 in Salem and outside Oregon. For TTY (hearing- or speech-impaired), we accept all relay calls.