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?
