Homeowner Tax Checklist: Deductions, Records and Sale Rules

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Every year 0 of 6

• Form 1098 mortgage interest statement — shows interest paid; mailed by lenders in January
• Property tax bills and receipts — amount paid during the tax year, not billed
• Escrow account statement — shows what was paid to taxing authorities on your behalf
• Itemized-vs-standard comparison — owners often itemize only when SALT, interest and gifts are large; see comparison
• Home office records if self-employed — see rules
• Energy-related receipts — check IRS for current credits and expiration dates before claiming

In the year you buy 0 of 4

• Closing disclosure — shows points, prorated taxes and fees
• Points paid — may be deductible in the year paid for a primary-home purchase
• Real estate tax proration — split between you and the seller
• Purchase price and closing costs — these become your cost basis

Improvements and basis 0 of 3

• Receipts for improvements — a new roof, addition or kitchen remodel adds to your basis
• Distinguish repairs from improvements — repairs generally don’t add to basis
• Keep a running basis file — digital folder with receipts by year

In the year you sell 0 of 5

• Closing statement for the sale — shows selling price and costs
• Form 1099-S — reports proceeds; you may or may not receive one
• Ownership and use test — you owned and lived there at least two of the last five years for the exclusion
• Exclusion amount — up to $250,000, or $500,000 if married filing jointly, of gain; see capital gains
• Depreciation taken for business use or rental — may be taxable even if the exclusion applies

Property-tax relief at the state or local level 0 of 3

• Homestead exemption application — local deadlines and eligibility vary
• Senior, veteran or disability programs — check county and state agencies
• Assessment appeal deadlines — you may be able to contest an assessed value

See our state guides for how property taxes work in several states.

Official sources

• IRS Publication 523: Selling your home
• IRS: Schedule A instructions
• IRS Topic 503: Deductible taxes
• IRS Publication 587: Business use of your home