Filing taxes as a homeowner involves gathering several key documents to maximize your deductions and ensure compliance. Here’s a checklist of essential documents you should have ready:
1. Form 1098: Mortgage Interest Statement
Your lender will send you Form 1098, detailing the mortgage interest you paid during the tax year. This form is crucial for claiming the mortgage interest deduction.
2. Property Tax Records
Keep receipts or statements showing the amount of property tax you paid. These records will help you claim the property tax deduction.
3. Settlement Statement (Closing Disclosure)
If you purchased your home during the tax year, your settlement statement includes details about deductible expenses like points paid and property taxes prepaid at closing.
4. Receipts for Energy-Efficient Improvements
If you made qualifying energy-efficient upgrades, retain receipts and manufacturer’s certifications to claim any applicable tax credits.
5. HOA Dues and Records (If Applicable)
While HOA dues are not typically deductible, some special assessments for property improvements might qualify. Consult your tax advisor for specifics.
Having these documents organized and ready will make tax season smoother and help you maximize your homeowner-related deductions.