Once you've sold your home, make sure to keep your papers in order and know your rights as a homeseller. Tax Breaks
Of course, one of the bestparts about buying a home is the tax break you receive from the government.Contact the Internal Revenue Service directly at 1-800-TAX-FORM and ask for thefollowing free publications, which are designed to assist you in the sale ofyour home:
- 521 "Moving Expenses"
- 523 "Selling Your Home"
- 527 "Residential Rental Property"
- 534 "Depreciation"
- 541 "Tax Information on Partnerships"
- 551 "Basis of Assets"
- 555 "Federal Tax Information on Community Property"
- 561 "Determining the Value of Donated Property"
- 590 "Individual Retirement Arrangements"
- 908 "Bankruptcy and Other Debt Cancellation"
- 936 "Home Mortgage Interest Deduction"
Make a File
File all closing andsettlement papers, including warranty deed, HUD-1 settlement statement, titlereport and your original Buy/Sell agreement. Also be sure to include receiptsfor any home improvements you made while you owned the house, in the event thatyou have to pay capital tax gains.