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 Beginnerโ€™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