SERVICES FOR BUYERS- PREPING FOR TAX SEASON
No matter what time of year you seal the deal on your new home, you should keep these five tax documents handy so when the time comes you’re ready to reap the real estate tax benefits.
Mortgage Interest Statement IRS Form 1098—The biggest real estate deduction would permit you to deduct 100% of the mortgage interest you paid during the tax year. This document will report how much interest you paid.
Uniform Settlement Statement (HUD-1)—This form tells you the prepaid interest, prorated property taxes, and other potentially deductible fees.
Moving Expenses Receipts—Moving expenses are tax deductible if it is closely related to the start of a new job. Generally speaking, if you moved more than 50 miles to be closer to your place of employment, you may be eligible.
Receipts from Energy Efficient Home Appliances and Improvements—Under the Non-Business Energy Tax Credit, you can receive tax credits for qualifying energy-efficient upgrades.
Mortgage Credit Certificate (MCC)—Those who purchased a new home within the past five years using a MCC may qualify for a substantial tax credit.
**Please be advised: These are guidelines and subject to change. Please consult your tax advisor for current tax laws**