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It’s Tax Time – Important Docs for Property Owners!

Happy New Year!!  January is the time of the year when we all begin to either look for our income tax preparation documents or think about it.  Being a homeowner or a new homeowner may afford you a plethora of tax deductible benefits if you have the proper documentation.  

To help you get the most from your home investment, we compiled a list of additional documents you are going to need or want to keep with suggestions on where to find copies if you can’t locate the originals.

  1. Form 1098 – Mortgage Interest Paid Statement:  Your lender will send you this form for 2019 before the end of January.  It provides the mortgage interest you paid during the previous year. If you don’t receive it by then or want to know when they will send it, reach out to your lender and ask.
  2. ALTA or Final Settlement Statement:  If you sold, purchased or refinanced in 2019, then you are going to need this document.  If you didn’t, then skip to #3. There are some items on this form that are tax deductible.  If you cannot find it, the title company will have a copy. If you can’t remember the title company used for the sale or purchase, ask your realtor; we have copies for our clients..  He/she should know or should have a copy of this document as well. If you refinanced, your loan officer should know who they used for title and/or should be able to get you a copy.  
  3. Property Tax Invoice for 2019:  All counties in Middle Tennessee provide on-line access to their property tax bills.  Even though your lender probably pays it every year from your escrow account, you are going to want a copy for your tax preparation.  You can also verify that it has been paid at this time. For instance, Davidson County property tax bill can be located on-line at:   You can print a copy and confirm it’s been paid.    If it hasn’t been paid and your lender is escrowing for it, you should reach out to them immediately!
  4. Energy Efficient and all other Home Improvement Purchases:  Collect all your invoices for any purchase of energy-efficient items from Lowes, Home Depot, and other Home Improvement suppliers & Contractors.  If you can’t find them, you may have to do a bit of detective work. You may be able to request a copy of the invoice from the company. If you can’t remember the name of the company, look through your credit card or bank statements.  Also, if you have an account or supplied an email address at purchase, Home Depot & Lowes may be able to retrieve your invoice in most cases.  

As for what you can or cannot deduct, your tax professional is better at advising you on that; but these are the extra documents all homeowners need to have on hand.   If you would like any further assistance in trying to locate copies, give us a call at Oak Street Group. We are here to help!! 

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