How to deal with tax returns and precautions for US homebuyers in 2023

In 2023, US homebuyers will still need to account for their taxes in the same way as in previous years. This means filing for their federal and state income taxes, as well as any other applicable taxes. Depending on their situation, homebuyers may need to pay capital gains taxes, self-employment taxes, or other tax liabilities.Do's:1. Gather all necessary documents, such as your W-2, 1099, and mortgage documents.2. Take advantage of tax credits and deductions, such as the Mortgage Interest Deduction and the Home Office Deduction.3. Use tax software to help you through the process.4. File your taxes on time.Don’ts:1. Don’t forget to report all of your income, including any rental income or money earned from selling a home.2. Don’t forget to include all of your deductions and credits.3. Don’t overstate your deductions or understate your income.4. Don’t file without double-checking your calculations.5. Don’t forget to keep all of your tax records for at least three years.