Tags: mortgage interest, moving expenses, real estate records, real estate records needed at tax season, real estate sales, Real estate taxes, rent paid during tax year, sale of home, sale of real estate, second mortgage interest, Tamra Wade and Partners, Tax Advice
With every New Year brings us closer to something we all must do…..get our taxes prepared…yuck!
I came across some really helpful information recently and thought you could use it as a guide for putting together the necessary paperwork for you and/or your tax-preparer.
It may even help you find a deduction or credit you were not aware of. Taxes are complicated enough; we need all the help we can get. At least I know I do.
Here’s the List…The Tax Paper Chase List
Yes, this is a long list — but it’s the unfortunate reality of our tax code that it’s not even comprehensive! But these items will cover 95% of our clients. Really, this is for ensuring that your tax preparer is able to help you keep everything you deserve to keep under our tax code.
Personal Data
Social Security Numbers (including spouse and children)
Child care provider tax I.D. or Social Security Number
Employment & Income Data
W-2 forms for this year
Tax refunds and unemployment compensation: Form 1099-G
Miscellaneous income including rent: Form 1099-MISC
Partnership and trust income
Pensions and annuities
Alimony received
Jury duty pay
Gambling and lottery winnings
Prizes and awards
Scholarships and fellowships
State and local income tax refunds
Unemployment compensation
Homeowner/Renter Data
Residential address(es) for this year
Mortgage interest: Form 1098
Sale of your home or other real estate: Form 1099-S
Second mortgage interest paid
Real estate taxes paid
Rent paid during tax year
Moving expenses
Financial Assets
Interest income statements: Form 1099-INT & 1099-OID
Dividend income statements: Form 1099-DIV
Proceeds from broker transactions: Form 1099-B
Retirement plan distribution: Form 1099-R
Capital gains or losses
Financial Liabilities
Auto loans and leases (account numbers and car value) if vehicle used for business
Student loan interest paid
Early withdrawal penalties on CDs and other fixed time deposits
Automobiles
Personal property tax information
Department of Motor Vehicles fees
Expenses
Gifts to charity (receipts for any single donations of $250 or more)
Unreimbursed expenses related to volunteer work
Unreimbursed expenses related to your job (travel expenses, entertainment, uniforms, union dues, subscriptions)
Investment expenses
Job-hunting expenses
Education expenses (tuition and fees)
Child care expenses
Medical Savings Accounts
Adoption expenses
Alimony paid
Tax return preparation expenses and fees
Self-Employment Data
Estimated tax vouchers for the current year
Self-employment tax
Self-employment SEP plans
Self-employed health insurance
K-1s on all partnerships
Receipts or documentation for business-related expenses
Farm income
Deduction Documents
State and local income taxes
IRA, Keogh and other retirement plan contributions
Medical expenses
Casualty or theft losses
Other miscellaneous deductions
Guest Post by:
Richard Brown
RichardBrown1@allstate.com
Office: 404-377-0636
The Tamra Wade and Partners team hopes that this guest post will help our readers as you prepare for tax season. The “Homeowner/Renter Data” list will help both homeowners and renters know what real estate information is needed to gather for your annual taxes. Why not create a real estate tax file for all your real estate records needed at tax season? It will help you each year to be more prepared and know that your real estate records are all in one place. Make sure to keep track of all real estate sales and purchases, mortgage interest, moving expenses and rent paid during tax year. For more specific information and questions, reach out to your tax accountant or CPA.
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