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Tax Documents Needed for Homeowners

Category: Home Ownership
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This check list is in the following categories:
If you are a homeowner, this is a list of the tax documents and expenses you will need for preparing your tax return.

Owning a home can help at tax time. A homeowner who pays a considerable amount of mortgage interest and real estate tax, may be able to exceed their standard deduction designated by the IRS. These tax documents, and expenses are typically needed for homeowners to itemize and reduce their federal tax.

  • 1098 (year-end statement) showing mortgage interest paid.
    You can claim the interest on your first and second personal residence. A personal residence is lived in by the owner and not rented to another party for more than 2 weeks of the year. This may be any type of residence, even a boat or trailer, but it must have living quarters and a bathroom. The 1098 form can usually be found on-line if you have signed up for an on-line account with your mortgage company. The 1098 form should include any amount paid for points (if this was paid in cash at the time of closing in order to bring down the interest rate) and PMI (principle mortgage interest.) Points and PMI are also deductible.
  • Real estate tax paid during the year.
    This includes real estate tax paid on any parcel of land that you own, but is not used for business. If you file the Schedule A, you will be able to claim as an expense the real estate tax paid on your primary and second home.
  • Health care expenses
    This includes premiums and all expenses paid after insurance reimbursement for doctor, dentist, hospital, lab, eye care, and pharmacy. You will only be able to add to your list of itemized deductions the amount of medical-related expenses that exceed 7.5 percent of your Adjusted Gross Income.
  • Miles driven for medical purposes
    This is the total round-trip miles driven to all medical appointment, eye exams, dentist, and drug store for medicine. This figure is multiplied by the amount per mile allowed by the IRS in that year. The total dollar amount is then added to your medical deduction figure.
  • Motor vehicle registration for all your vehicles.
    Some states charge special taxes on a vehicle registration that may be deductable on your Schedule A.
  • Sales receipt that shows the purchase price and sales tax paid on a new vehicle.
    If you live in a state that does not pay income tax, or if you had a small amount of state income tax withheld, you may be able to claim a sales tax credit on the Schedule A. You will need the sales receipt for your new car, truck, motorcycle, boat, or travel trailer that shows the sales tax paid on those items. This figure may be used when calculation your sales tax credit.
  • Amount paid for materials needed for a major home renovation.
    This information is especially useful for those who live in a state which does not have income tax or an individual who has very little earned income, but is still itemizing because of high medical, contributions, or home interest and real estate expenses.
  • Job-related expenses that were not reimbursed by your employer.
    These expenses include uniforms, union dues, education required by your employer, or any expense require by your employer that is not reimbursed.
    It is also important to keep track of mileage and cost of parking if your employer requires you to travel during the work day.
  • Value of property loss due to casualty (i.e. fire, flood, or theft)
    You will also need to know the value of the personal property before and after the casualty as well as the amount insurance claim received and applied toward the loss.
  • Gambling losses up to the amount of gambling winnings.
    Note: Gambling winnings must be claimed as income on your federal tax return. If you file the Schedule A (to claim itemized deductions instead of the standard deduction) you can reduce you income tax on winnings by claiming gambling losses.
  • HUD Statement (received at closing) if you purchased your home during the year.
    There may be real estate tax or interest paid at closing that does not appear on your 1098 tax document sent from the mortgage company.
  • Cash contributions to a non-profit organization
    You will need an actual receipt from the organization for this deduction to qualify. Canceled checks or handwritten lists showing the contribution amount given to charity is no longer accepted by the IRS.
  • Value of goods or household items donated to a non-profit organization
    Along with a receipt from the organization, you need an itemized list of items given and their value at the time they were donated.
  • Miles driven to and from an event where you donated your time to a non-profit organization.
    The mileage record must be in writing and include the same information needed for medical, business, and employee mileage: date, destination, purpose, and total miles driven.
  • Other expenses including tax preparation, safe deposit box, investment expense, and legal fees (not divorce-related)
    These expenses, along with expenses not reimburse by your employer, are included on the Schedule A only if the total exceeds 2 percent of your Adjusted Gross Income (AGI).
This information is not designed to be a substitute for the advice of your personal tax advisor.
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Note: Although these checklists have been carefully prepared by individuals who are experts in the subject, we do not suggest the information be used as a substitute for legal, medical, or financial advice. Always consult a professional who understands your specific situation.