The IRS released their 2017 Tax Information for Homeowners Guide. With all of the changes we've seen and heard about in the news and from friends about taxes, tax codes, and the confusion of what you can and cannot do when preparing and filing your 2017 tax returns, it's great to have a handy guide to at least point you in the right direction.
While this isn't comprehensive coverage of the applicable 2017 tax code, it is a good 101 level course on basic expectations as well as resources for forms, questions, comments, etc.
As always, if you're unsure of something in your situation it's always best to ask a professional. We've got you covered when it comes to mortgages, loans, and real estate but we can introduce you to the tax professionals that help Macro Financial, our families, and friends. Hey, they aren't as good looking as we are, but when you're smart we think you'll make the same exception that we did!
From the IRS introduction "Tax Information for Homeowners 2017" (Download the full PDF from the IRS.gov website here)
This publication provides tax information for homeowners. Your home may be a house,
condominium, cooperative apartment, mobile home, houseboat, or house trailer that contains sleeping space and toilet and cooking facilities.
The following topics are explained.
How you treat items such as settlement and closing costs, real estate taxes, sales taxes, home mortgage interest, and repairs.
What you can and can’t deduct on your tax return.
The tax credit you can claim if you received a mortgage credit certificate when you bought your home.
Why you should keep track of adjustments to the basis of your home. (Your home's basis generally is what it cost; adjustments include the cost of any improvements you might make.)
What records you should keep as proof of the basis and adjusted basis.
Comments and suggestions. We welcome your comments about this publication and your suggestions for future editions.
You can send us comments through IRS.gov/FormsComments. Or you can write to:
Internal Revenue Service Tax Forms and Publications
1111 Constitution Ave. NW, IR-6526
Washington, DC 20224
Although we can’t respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax forms, instructions, and publications.
Ordering forms and publications. Visit IRS.gov/FormsPubs to download forms and publications. Otherwise, you can go to IRS.gov/OrderForms to order current and prior-year forms and instructions. Your order should arrive within 10 business days.
Tax questions. If you have a tax question not answered by this publication, check IRS.gov and How To Get Tax Help at the end of this publication.
We hope this makes things a little less difficult for you but if you have questions reach out to us or a tax professional to get your concerns or queries squared away! Have questions about buying a house in 2018 and what that may mean for you down the road? Give us a call at (303) 757-5424 or send us an email and we'll do what we can for you as we always do.
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