![]() The receipts are also helpful for valuing property if you file a disaster, casualty, or theft loss. If you installed medically required equipment or upgrades, the receipts are supporting documents when deducting the expenses. What Should You Keep?īank statements show when and how much was withdrawn for mortgage payments.Ĭredit and debit card receipts can be your records for any renovations or upgrades to your home. To deduct mortgage interest or real estate tax, you’ll need a Form 1098 or other statement showing how much interest you paid.Īll of these plus many other tax breaks and advantages require a paper trail, and having a way of keeping records is the first important step.If you install energy-efficient appliances, you’ll need the receipts.If you need to file a disaster, casualty, or theft loss, you’ll need paperwork. ![]() It’s important that you keep records of anything relating to your home. Paperwork is normal part of life, school, work and taxes, and owning a home is no different.
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