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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.
‎February 2, 2024
3:54 PM