By FrontDoor.com | Published: 11/17/2009
Keep all of these documents in a safe place for future reference -- you may find it helpful to store them together in a file labeled "Home," rather than in a yearly overall tax file.
When it's time to file your income taxes, have your HUD-1 Settlement Statement handy. This document lists the real estate taxes and loan-discount points you paid at closing, which may be tax deductible. When you sell your home, your closing papers can help you prove capital gains and losses.
Besides your closing papers, keep all insurance documents in a safe place and maintain records and receipts of all home improvements you make. Improvements increase your home's "cost basis," which will be used to determine your profit for tax purposes when you sell your home. Learn more about the tax benefits of remodeling.
Interest rates have crept up, but refinancing may make sense for you.
Purchase price, interest rate, taxes and PMI determine your monthly payment.
Find out if owning a home will save you money.