What documents are needed to itemize deductions on my tax return?
When itemizing your tax return you will need to provide accurate records. Documents needed to itemize deductions need to prove the following:
- You paid the expenses during the year that you're itemizing.
- The expenses were deductible.
The type of deduction you claimed dictates the kind of documents you're required to have. Ex: For the real property tax deduction, you should have a document from the taxing authority that says:
- You actually paid the balance.
- The tax was based on the value of the property.
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So how much will you get (or owe) this year? That’s the million-dollar question. We happen to have three very useful calculators to help you estimate your refund or balance due.