2016 best receipts scanner pdf#
2016 best receipts scanner pro#

2016 best receipts scanner pro#

I use the well-reviewed Scanner Pro app and am impressed by its quality, but there are many competitors out there that I havenвЂ™t tried.

2016 best receipts scanner pdf#

Physical receipts can get lost or fade over time, but the IRS accepts electronic records so it is quite easy to make a PDF using either your home scanner or just your smartphone. Septic, water heater, water softener, water filtration. Heating, air conditioning, furnace, duct work, air/water filtration, security system. New driveways, landscaping, fences, retaining walls, sprinkler system, swimming pools. Built-in appliances, kitchen modernization, flooring, wall-to-wall carpeting, fireplace. New roof, siding, satellite dish, storm windows. Bedrooms, bathrooms, garages, decks, patios.

Charges for installing utility services, legal fees for preparing the sales contract, title search fees, recording fees, survey fees, transfer or stamp taxes, and ownerвЂ™s title insurance.

DonвЂ™t take this as specific tax advice, but instead as a potential reminder in case you have done something on this list but donвЂ™t have the receipts properly stored away and archived. Here are a bunch of things taken from IRS Pub 523, Selling Your Home. In general, you should save all of your home repair and remodeling receipts, although things considered maintenance wonвЂ™t count (painting, fixing leaks, patching cracks, etc.). ItвЂ™s so easy, and those little pieces of paper can literally be worth thousands of dollars down the road when the tax bill hits. Most importantly, the article provides a good reminder to save all of your home-related receipts because they can raise your cost basis and thus reduce any potential capital gains.

(Also consider the uncomfortable idea that you really canвЂ™t know if youвЂ™ll be single or married when it comes time to sell your home.) This NY Times article projects that the following share of homeowners in certain high-cost cities will exceed the 250k/500k limits within the next 10 years, assuming just 3.5% annual growth and no further improvements. (You must have lived in the home for at least two out of the five years before the sale.) But over time, especially if you live in a relatively expensive area, more and more people will bump up against the federal capital gains exclusions of $250,000 for individuals and $500,000 for couples. For many people, when they sell a home they donвЂ™t even consider taxes.