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Things to Do When You Buy a Home

  • Review wage withholding and estimated taxes. You may be able to reduce withholding and increase your take-home pay because of deducting mortgage interest and real estate taxes if you haven’t been deducting these items before (i.e., this is your first home).
  • Decide whether to make energy improvements. You may qualify for a tax credit of up to $500 for adding insulation and other energy-saving items to your home.
  • Keep track of expenses related to a home office if you use part of your home for business. You can deduct your actual expenses or use an IRS simplified method for figuring the home office deduction.
  • Begin a record of home improvements. These add to the basis of your home and reduce the amount of gain when you eventually sell.
  • Notify the IRS of your new address. This is one using Form 8822.

 

This article is from www.jklasser.com

 

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Heritage Income Tax offers a full range of tax preparation services. Located in Portsmouth, Virginia, we serve the entire Hampton Roads area including the cities of Chesapeake, Virginia Beach, Norfolk, Suffolk, Newport News and Hampton.