Tax Preparation after Buying or Selling a Home

March 3, 2022

Tax time is upon us–if you had a real estate transaction last year, be sure to consider the possible tax implications and gather the pertinent documentation.

Note: This article is for informational purposes only and is not intended as legal, tax, or legal advice. Please see an advisor for specific help.

Tax Considerations – Buying a Home


Important forms and documentation

  • Closing Disclosure Form or settlement statement
  • Other Mortgage documents
  • Form 1098 “Mortgage Interest Statements
  • Mortgage credit certificate
  • Property tax statement
  • IRA withdrawal documents (if you pulled from IRA or 401(K) for home purchase)


Other Considerations

  • home mortgage interest
  • points paid on a loan
  • real estate taxes
  • private mortgage insurance


Tax Considerations – Selling a Home


Important Forms & Documentation

  • 1099-S “Proceeds from a Real Estate Transaction
  • Home improvement receipts
  • Form 8829 for home office deduction
  • Insurance loss


Other Considerations

  • Survey fees
  • Recording fees
  • Owner’s title insurance
  • Abstract of title fees
  • Home improvement
    • additions: deck, garage, basement
    • addition of centrail air
    • sprinkler system
    • new roof or siding
  • Energy Credits
  • Insurance


Additional Resources

Documents You Should Save for Tax Time

IRS: Topic No. 701 Sale of Your Home

Can I Deduct My Mortgage-Related Expenses?

Tax prep 101: Four steps for real estate investors

What are the tax benefits of homeownership?

A Beginner’s Guide to Investment Property Income Tax Deductions

What Documents Will I Need for Taxes if I Bought a House Last Year?

Tax Implications of Buying or Selling a House

The Tax Return Documents Required for a Purchased House

Recent Instagram Posts

Spring is officially blooming in the PNW and there’s no better time to list. 🌸

Sure, the market moves fast, since we filmed this, rates have ticked back up a bit. But don’t let that stall your plans! Between high buyer demand and low inventory, the leverage is still with the sellers. And for buyers? We’ve got tricks up our sleeve. A little rate buy-down can go a long way in making that dream home a reality. 🏡✨

Thinking of making a move this season? Let’s chat strategy.
...

18 2

Timeless. European. Tranquil. ✨ Welcome to 611 Ridgeway on Lake Oswego’s coveted Lakewood Peninsula.

Highlights you’ll love:
✨ Two-story ceilings & walls of windows
✨ Primary suite on the main level
✨ Every bedroom features its own ensuite
✨ A private, stone-paved fenced backyard
✨ Steps away from the lake, dining, and shops

This is the one you’ve been waiting for.

DM me to schedule your private showing! 🏠🔑
...

46 17

If you’re thinking about buying, run it through the 3-3-3 Filter first:

✅ 3 Months of Life Savings (The “just in case” fund)
✅ 3 Months of Mortgage Payments (The “home repair” fund)
✅ 3 Homes Viewed (The “market education” step)

The goal? Less pressure, more stability, and a move you’ll actually enjoy.

#LakeOswegoRealEstate

#WestLinnLife

#OregonCityLiving

#WilsonvilleOR

#PDXSuburbs
...

16 0

Our newest listing in the heart of West Linn is officially LIVE!

I particularly love the flow of this home, the way the formal spaces lead effortlessly into that beautiful, updated kitchen is a dream for entertainers. Whether you’re looking for a dedicated home office, a workout-ready bonus room, or a beautiful backyard with a deck and basketball hoop, this Beacon Hill property delivers.

Check out the full tour and contact us to schedule your showing! 🏡✨
...

28 1

A rich life here in Lake Oswego has nothing to do with your bank account.

-The smell of fresh baguettes from St. Honoré Boulangerie on a quiet morning.

-Finding that perfect “missing piece” for your home at City Home.

-A post-workout refresh with a green smoothie from Kure.

-Mandatory weekend walks along the water to clear your head.

Browsing the racks at Biography for a last-minute dinner outfit.

Knowing your neighbors and the business owners by name.

Want more of my favorite spots that make Lake Oswego special?

👋 I’m Heather Robbins, Principal Broker and LO local. Send this to a friend who needs a weekend trip!

@sthonorebakery
@cityhomepdx
@kuresuperfoods
@shop_biography
...

18 3

The West Linn and Lake Oswego markets are officially in the “Sweet Spot.” ⚖️

We aren’t seeing the frantic pace of the COVID years, nor the inventory overload of the Great Recession. It’s a balanced market. Meaning equal opportunities for both buyers and sellers.

Want to know what this means for your specific street or your equity? Let’s talk. 📲

#WestLinnRealEstate #LakeOswegoRealEstate #WestLinnOR
...

21 1

🌲 West Linn Perfection

The curb appeal is just the beginning. 🏠✨ This West Linn gem is the perfect blend of PNW charm and total privacy.

Why I love it:
The Cozy Vibe
The Layout
The View

It’s functional, it’s beautiful, and it’s sitting right in the heart of everything we love about West Linn.
...

16 1

Experience the perfect blend of refinement and recreation in this stunning Wilsonville retreat. With a primary suite on the main level and high-end finishes throughout, this isn`t just a house, it’s a lifestyle upgrade.

The Highlights:
🏡 Main-Level Living: Primary suite + additional ensuite upstairs.
💎 Designer Finishes: 1,700 sq. ft. of rich hardwoods, custom woodwork, and granite.
🌿 Outdoor Oasis: 10,000 sq. ft. private lot with a pond, pergolas, and covered patios.

Flexible spaces for your home office or gym mean you never have to choose between productivity and peace.

📍 Wilsonville, OR | Clackamas County
DM for a private tour or full listing details! 📩
...

24 1

FOLLOW US

Stay up to date on news and listings that are coming soon!