first time homeowner w/ a question about income taxes???

I know we have quite some time but with the baby coming I would like to get as organized as possible while I still can! We closed on our home in March and I am wondering what info/receipts I will need come tax time. We also did a TON of renovations and I am wondering what receipts if any from that I will need as well? TIA

Re: first time homeowner w/ a question about income taxes???

At the end of the year you will get a statement from your bank showing how much you paid in Mortgage interest and you should get something that shows what you paid in property taxes (if you escrow). If you dont escrow, keep track of what you paid for taxes.

Unless you relocated for a job, I dont think that you will need anything else.

If you paid points for your mortgage, make sure you have that information as well.

As far as rennovations go (and as far as I know!)- you would only need receipts when you go to sell your house to avoid capital gains tax.....

Re: first time homeowner w/ a question about income taxes???

In addition to the previous list, I believe you can write off any taxes paid in your closing costs. You should check the statement you received at closing - any interest or taxes paid in advance can go on your tax return.

Unfortunately you can't write off the cost of any improvements you did to the house until you go to sell it in the future. If your profit is in excess of whatever the threshold is at that time they can be used as a write-off.

Re: first time homeowner w/ a question about income taxes???

Re: first time homeowner w/ a question about income taxes???

don't forget mortgage tax. That should be in the closing/deed info you get.


Save any receipts for improvements, like someone said, for when you sell.