Huntingdon Valley, PA -- (SBWIRE) -- 04/22/2020 -- The Joseph Bograd Real Estate Team consists of some of the top real estate agents in Bucks County, PA, and Philadelphia, and their commitment to their clients is unparalleled. As part of their campaign for client success, they are offering up some timely and important information regarding tax documents for new or first-time homeowners. For many property owners, collecting and organizing tax papers seems like a near-impossible task; however, Joseph Bograd's team recommends they spend the time and effort to locate the documents now so that they are not scrambling on Tax Day.
The first document homeowners should locate is their settlement statement. Otherwise known as a HUD-1, the settlement statement provides a host of crucial information, including actual costs, purchase price, and mortgage points and amount. The other vital property document is the IRS Form 1098, which indicates the interest paid out on the mortgage loan, points, and real estate taxes. Considering all of that information could prove invaluable for tax deductions, compiling these documents could be very beneficial to new homeowners. Other documents homeowners should keep include W-2s from employers, 1099s for job contractors, and home improvement receipts and canceled checks.
Although there are many papers to locate, the critical information printed on them can help new homeowners make sizable deductions and benefits come tax time. Some benefits include the Home Mortgage Interest Deduction and deductions for energy-efficient equipment upgrades, home improvement materials, and work-from-home office spaces. Many times the standard tax deductions offered to homeowners by the IRS could also work in their favor, although that is a fixed amount that does not allow for itemization.
No matter which route homeowners choose, the documents recommended by the Joseph Bograd Real Estate Team and the awareness of various tax deductions can help potential homeowners decide to buy a home for sale in Bucks County, PA, or Philadelphia. The process will be much easier, and the homeowners will remain compliant while filing their taxes. For more information on local real estate, visit www.josephbograd.com/ or call the Joseph Bograd Real Estate Team today.
About The Joseph Bograd Real Estate Team
As realtors for RE/MAX, The Joseph Bograd Real Estate Team has been serving Philadelphia, Bucks, Delaware, and Montgomery Counties for over 15 years, helping residents find an affordable home or rental property. They take customer service very seriously and are dedicated to exceeding expectations. As reputable realtors in the area, they are available to communicate with and assist in any issues their clients are dealing with.
For more information, or to get in touch with The Joseph Bograd Real Estate Team, please visit https://www.josephbograd.com.