Tax Returns- In Addition to My Basic Records, What Records Should I Keep? (Part 3)

Following is a list of records to keep in addition to your basic income and expense records:

Medical and Dental Expenses – In addition to the medical expense records, you should keep records of transportation expenses that are primarily for and essential to medical care.  You should record in a diary gas and oil expenses directly related to your medical transportation.  If you don’t want to keep records of these actual expenses, you can keep a log of the miles you drive for medical purposes and use the standard mileage rate.  You should also keep records of any parking fees, tolls, taxi fares, and bus fares.

Mortgage Interest – If you paid mortgage interest, you should receive Form 1098, a Mortgage Interest Statement.  Keep this with your mortgage statement and loan information.

Moving Expenses – You may be able to deduct qualified moving expenses that are not reimbursed.  See IRS Publication 521 to see what expenses qualify and what records you need.

Taxes – Keep Form W-2 and Form 1099-R.  If you made estimated tax payments, you need to keep a copy of your checks.  If you received a refund of state income taxes, you need to keep Form 1099-G.  Keep mortgage statements, tax assessments or other documents as records of the real estate and personal property taxes you paid.  If you deducted actual state and local general sales taxes instead of using the state sales tax tables, you must keep you actual receipts showing general sales taxes paid.

Tips – You must keep a daily record to accurately report your tips on your return.  You can use IRS Publication 1244 to record your tips.

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