If you are expecting K-1 forms, consider requesting an extension to file your return. Okay, you've gathered all the information about your income. Now it's time to trim the amount that's taxable. Costs related to your home are a good place to start. In most cases, there will be forms detailing these costs that you'll need to bring with you when you sit down to do your taxes.
Homeowners know the value of a mortgage.
Not only does the loan get you into your house, but the interest you pay on it is deductible. Your lender will send you a Form 1098 with this amount. Mortgage interest isn't limited to your primary residence. And don't forget the interest you paid on a home equity loan. Your year-end loan account statement will tell you how much this was, and it's deductible on your Schedule A , too.