Did You Sell a House in 2022? Here Are the Documents You May Need at Tax Time

Tax time is right around the corner! There are always a lot of documents that you need, and if you sold a house in 2022, there will be more. We are here to help you out with some of the documents you might need.

  1. 1099-S Form:  This document will be provided by the title company and deals with capital gains.  This may not apply to your purchase, so you may not have received this document.
  2. 1098 Form:  This is the statement regarding the amount of interest paid on your mortgage to a lender during the previous year.  There is a change regarding what can be deducted.  According the IRS website, “The itemized deduction for mortgage insurance premiums has expired. You can no longer claim the deduction for 2022.”
  3. Settlement Statement:    With this settlement statement, you will have a breakdown of the items that you paid during the sale.
  4. Proof of Primary Residency:  Proving that you lived in the house, two of the last five years, is relatively easy.  To show proof, you can use utility bills, tax returns and bank statements to name a few items.

These are just a few of the documents that you may need come tax time.  Click below to see the full list.

Read the original article:  https://www.homelight.com/blog/what-is-needed-for-taxes-when-selling-a-home/?utm_source=Iterable&utm_medium=email&utm_campaign=campaign_5962857