So you purchased property in 2014, are you taking the correct deductions? Don’t make one of the 9 sins on your taxes! Do you know how long to keep your real estate related records?
I found some great articles for you related to Real Estate and Taxes, but before you read them please understand that I am not a CPA, I was not previously a CPA, and nor I will not ever be a CPA. And, I think the best person for correct tax information is…you guessed it — A CPA! But while you are waiting for all of your tax related documents to be delivered so you can start your tax preparations peruse through these articles and see if you are on the right track.
This is a handy “How Long to Keep It” Home records list. You can’t keep everything and who would want to, but you will need to keep it long enough to satisfy the IRS in case they ask.
Take advantage of owning a home and don’t miss any deductions. I make a spreadsheet so that each year I can remember to add in the numbers once all of the documents arrive from the lender. Taking all of the deductions can really payoff at tax time.
Pay attention to the numbers and don’t try to take more than your supposed to, and certainly don’t take less than you are entitled to!