Tips For Homeowners To Organize Tax Documents

While we can’t offer advice on taxes or filing taxes, we can offer suggestions on what receipts and documents to keep and how to organize it all. The fun part of setting up a home is decorating and organizing the kitchen you are excited about. It is important though to take a few minutes to set up an organized system for receipts and documents that will make tax season much easier.

The benefits of owning a home can help at tax time so be sure to understand the documents that you need. A CPA or tax preparer can help with this.

Use color coded folders to store your receipts and documents that are labeled accordingly. See below for a list recommended to keep along with tips on how to organize.


1098 Year-End Statement
This tax document will show the mortgage interest that you have paid. Talk to a tax professional about claiming interest on your first and second personal residence if applicable. The 1098 form should be mailed to you or you can find it online if you signed up for an online account with your lender.

Home and Office Expenses
If you are self-employed or work at home make sure to keep receipts for utilities, internet and phone bills. All homeowners who have renovation or home repair bills can talk to a tax professional about possibly deducting these expenses.

Vehicle and mileage
Gas, vehicle repairs, maintenance, registration, licensing, rental, lease and mileage (personal and business) should be kept in the event that you are able to use for deductions.

Medical Expenses
Health insurance premiums as well as out-of-pocket expenses for you and your family.

Hold on to receipts from donations or purchases for charity organizations.

Moving expenses, work uniforms, or anything you think could be used for tax deductions can be kept in a miscellaneous folder. A tax preparer can advise if these can be used.

​​​​​Take Notes
Add the name of the client you dined with or the charity for which purchases were made on the receipt prior to filing.

Keep Electronic and Paper Backups
Scan documents to store as PDFs in case you need to send them electronically to a tax preparer. Take photos of the receipts as you go to make this easier.

We hope these tips are helpful to make tax season a little less stressful and overwhelming. If you have questions about your mortgage statement please feel free to call us. We are happy to offer service past the closing table!