Time to Do the Taxes
I recently went to get my taxes filed for the first time as a new home owner. (Yippee!) I made the appointment and started gathering all my paperwork and realized something…I didn’t know what I would need to file as a homeowner. This would, of course, be my first time filing long form. That’s when I headed to my reliable source, my dad, who I knew would be able help me out with what I would need. You should call your tax consultant before your appointment to make sure you have all the correct paperwork. (I suggest at least a week before just to make sure you have everything.) Know that you need the same paperwork for filing for both state or federal tax returns and that you will have to pay more when filing long form.
Another thing to consider is if you purchased your place towards the end of the year. You will either not be able to claim or there may not be enough to claim so you will have to wait until next year, this happened with me. I purchased my place in September and since I have only paid about $100.00 in taxes for the rest of the year, I was unable to take any deductions on my place. But it’s okay because it just means a higher return next year! If this happens to be the case with you, I would still bring everything to your appointment and let the accountant decide what is best for your situation. Even though I was unable to claim, I still handed in all the paperwork and now it is in the system ready for next year. It’s a few less papers that I need to remember when filing next year.
Here is a quick checklist of paperwork I needed to file “long form”:
- HUD-1 Statement–Only need this form the first time filing as a new home owner
- Closing costs–Only need this the first time filing as a new home owner
- Taxes/Interest paid towards mortgage–Need this information every year
- Donations–Need documentation for anything over $200.00. This is the case for Massachusetts but I do not know if this is the case for other states.
This article is for informational purposes only and is not meant to be financial advice. Consult your accountant or other tax professional.
Michelle is a recent business school graduate, first time home buyer and lifelong Massachusetts resident. Though she's all Generation Y, we think of her as a modern-day Mary Tyler Moore. She plans to share her experiences as a new home owner, and give us her fresh take on Greater Boston area local events, activities and happenings. She's gonna make it after all!
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Nice post and nice blog. This is a great topic most first time home buyers don’t even think of until the last minute. Thanks for sharing.
I remember my first time. VERY scary
Good publish and awesome blog.