Timely Tips for Tax Stragglers

Uncle Sam's Day of Reckoning (April 15) is looming large on the horizon, causing that familiar old hollow feeling in the pit of your stomach. Don't feel guilty. You're not exactly a bad person--you're just like the rest of us who can think of better things to do than wading through forms, old checkbook registers and receipts. And if you're a new homeowner or first-time homebuyer, you're probably dazed and daunted by the upcoming ordeal. How do you get those deductions your real estate agent promised would take a big bite out of your taxes?

New homeowners must take extra time preparing their returns and becoming familiar with the tax benefits. If you're a do-it-yourselfer, you'll have to obtain the necessary forms and instructions, as well as the records from your home purchase, escrow statement and mortgage interest payments. If you haven't itemized before, steel yourself for more work--this is not going to be like the good old days of the 1040-EZ . But it's well worth the extra effort. Depending on your income and eligibility, your tax burden may be considerably less with mortgage interest, property taxes, loan points, and other possible deductions (if allowed by the IRS in your situation).

Fortunately, the IRS has a number of booklets that explain how things work for the homeowner. Many forms and publications can be downloaded from the Internal Revenue Service web site at www.irs.ustreas.gov You also can obtain these booklets by calling your local IRS office or toll-free to (800)TAXFORM (829-3676). Start with No. 530 Tax Information for Homeowners. Also see No. 936 Home Mortgage Interest Deduction and No. 932 New Rules for Home Mortgages. Check out No. 521 Moving Expenses, and you'll need to file IRS Form 3903 for Moving Expenses.

Home-based business owners should read No. 587 Business Use of Your Home. Owner-investors may want to see No. 534 Depreciation and No. 551 Basis of Assets. Apartment dwellers should read No. 588 Condominiums, Cooperative Apartments and Homeowners Associations.

If you sold your home last year, you'll need IRS Form 1099-S Proceeds from Real Estate Transactions to report the sale of your home and any capital gains.