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Tax checklist for major life changes

A change in family, work, housing or retirement can affect filing status, payments and records. Use this checklist to prepare for a planning discussion.

Marriage or a new child

Review withholding, filing status, dependent eligibility, benefits and beneficiary designations. Confirm the rules for the tax year rather than relying on an older credit amount.

Buying or selling a home

Keep closing documents and improvement records. Mortgage interest, property-tax deductions and the home-sale exclusion have limits and eligibility requirements. The exclusion is not a one-time lifetime benefit.

Changing jobs

Coordinate withholding, retirement contributions across employers, benefit coverage and stock compensation. Evaluate a rollover before taking a taxable retirement distribution.

Divorce

Coordinate with legal counsel on filing status, dependents, property transfers and retirement orders. Alimony treatment depends on the agreement date and applicable rules; not all agreements are treated alike.

Retirement

Review withdrawal timing, Social Security, Medicare and required minimum distributions. RMD starting age depends on birth year and account type. Check the current rules before scheduling a withdrawal or conversion.

Inheritance

Keep date-of-death values and estate records. Tax basis and inherited retirement-account rules differ by asset and beneficiary. Do not assume every inherited asset receives the same basis adjustment.

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Related guidance

Tax planning for business owners

Review your tax position while there is still time to act. Planning starts with current records and compares the cost, timing and requirements of each option.

Tax planning for individuals and families

Review withholding, retirement contributions, investments and major life changes together rather than choosing a deduction in isolation.

How long to keep tax and business records

Keep records long enough to support the return, prove asset basis and satisfy employment, legal and contractual requirements. There is no single retention period for every document.

§ FAQ

Questions we hear about life's big moments.

How does the Child Tax Credit work when I have a new baby?

The Child Tax Credit is worth up to $2,200 per qualifying child under 17. You must apply for your child's Social Security number right away, because it is required to claim the child as a dependent. New parents should also weigh a dependent care FSA against the Child and Dependent Care Credit rather than assuming both, since the right choice depends on your numbers.

Is mortgage interest deductible after buying a home?

Mortgage interest is deductible only if your total itemized deductions exceed the standard deduction, so it does not help everyone. Property taxes are deductible up to the 2026 SALT cap of $40,400 ($20,200 if married filing separately), which phases down above $505,000 of modified AGI. Keep your closing statement and records of major improvements, because those adjust your basis and affect the gain when you eventually sell.

Do I have to pay capital gains tax when I sell my primary home?

The Section 121 exclusion lets you exclude $250,000 of gain if single, or $500,000 if married filing jointly, on the sale of a primary residence you have owned and used as your main home for at least two of the five years before the sale. It is not a one-time benefit: you can generally use it again on a later sale, but not more than once in any two-year period. Good recordkeeping of improvements matters, since your basis reduces the taxable gain.

Is alimony taxable or deductible after a divorce?

For divorce or separation agreements executed after 2018, alimony is not deductible for the person paying it and not taxable to the person receiving it; older agreements can follow the prior rules. Divorce also changes your filing status for the whole year, so if the divorce is final by December 31 you must file single or head of household. Dividing retirement accounts requires a Qualified Domestic Relations Order (QDRO), and you should update beneficiaries, wills, and powers of attorney.

When do required minimum distributions and Medicare start in retirement?

Under current law, required minimum distributions begin at age 73 for people born 1951 through 1959 and at 75 for those born in 1960 or later, and Medicare enrollment happens at 65 — miss that window and you can face permanent premium surcharges. Social Security can be claimed as early as 62 or delayed until 70, and the best age depends on your health and spousal benefits. The low-income years between retiring and starting RMDs are often a window for Roth conversions.

How is inherited money or property taxed in Florida?

Inherited assets generally receive a stepped-up basis, which erases the built-in capital gains that had accrued during the prior owner's life. Florida has no state estate or inheritance tax, and the federal estate tax exemption is $15 million per individual for 2026. Inherited IRAs follow different distribution rules for spouses versus non-spouses and for accounts inherited before versus after 2020, so those need careful handling.
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