Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

What do I need to itemize taxes.

I live in wa state and usually I take the standard deduction but we might buy a house this year so I think itemizing would be the best option for next year...what kind of things should I be saving? receipts for everything we buy to add up all my sales tax on everything? I need a little help here so we can be prepared. Thanks.

Answer Question
 
britni11

Asked by britni11 at 12:38 AM on Apr. 13, 2009 in Money & Work

Level 9 (277 Credits)
Answers (3)
  • Yes. Receipts receipts receipts. You'll get statements on your mortgage deductions. But record everything else. I keep everything in an Excel spreadhseet.
    gdiamante

    Answer by gdiamante at 1:10 AM on Apr. 13, 2009

  • Keeping your receipts for everything is good, but don't stress out on that alone. In order to itemize you can claim medical expenses (out of pocket, not the amnts that insurance pays or reimburses you, including co-pays, lab fees, hosp., prescriptions, dental, optical including contact supplies, any medical supplies for on-going illness or disease, and miles that you drive to drs, etc.) You can also include the med ins premiums that you pay (not the part that is pre-tax nor the part that the employer pays.) Life insurance is not deductible.

    When you have a mort. you will get a form at the end of the year, or the beg. of the new year, that will have the mort. interest, prop. taxes from escrow and PMI payments. These are all ded. If you have take a 2nd mort. or an equity line of credit, this interest is also ded. Interest on cars and reg. loans is not ded.

    lifeasinoit

    Answer by lifeasinoit at 10:04 AM on Apr. 13, 2009

  • If you buy a motorcy, rv, boat, car, truck, the sales tax could be ded. if you use sales tax instead of State income tax as the deduction. Do not try to keep sales tax receipts b/c the IRS gives a liberal amnt based on your income, unless you have an upper income and are HUGE shopper of high end items.

    You will keep receipts for all charities, including a statement from your church, goodwill, scouts, schools, red cross, heart assoc., cancer assoc, and even volunteer miles.

    If you have unreimbursed employee expenses, these amounts also go on the schedule A.

    Hope this gets you started. Its really not that hard. Mainly keep up with charity amounts and med. receipts. I always suggest to my clients that you get a shoebox and drop all related doc. and receipts into it and before you file, catagorize the amounts. Tax preparers don't want to do the adding up for you. :)
    lifeasinoit

    Answer by lifeasinoit at 10:09 AM on Apr. 13, 2009

Join CafeMom now to contribute your answer and become part of our community. It's free and takes just a minute.