dmertz
Level 15

Deductions & credits

It appears that your use of the account for purposes other than buying the first home the disqualifies it from being a first-time homebuyer savings account.

 

From https://www.marylandtaxes.gov/individual/credits-deductions/index.php

 

Any account established with a financial institution can qualify as a "first-time homebuyer savings account" so long as the account is established for the sole purpose of paying or reimbursing eligible costs for the purchase of a home by the account holder in the state of Maryland. An account holder may not be the account holder of more than one account.