What records should I keep regarding my property taxes?
When it comes to property taxes in California, it is important to keep accurate records of your payments. This means you should keep track of all payments made to the state, county, or other local taxing authority. Additionally, you should keep copies of all documents such as tax bills, notices, and receipts for each year. It is also a good idea to keep a copy of the deed, deed of trust, or other official documents that relate to your property. It is also important to keep track of any deductions or exemptions that are available to you when filing your property taxes. This includes deductions or exemptions for homeowners, veterans, senior citizens, those with disabilities, and others. If you did not apply for any of these deductions or exemptions when filing your taxes, then it is important to document them for future years. In addition, you should keep track of any changes to your property that you are required to report to the taxing authority. These can include improvements, additions, demolitions, or any other changes to the property. Keeping a record of these changes can help you file your taxes more accurately and get the most from your deductions and exemptions. Finally, if you are ever audited by the IRS or taxing authority, it will be important to have all the documents and records necessary to back up your return. This means that you should keep all of your payment records, deductions, and other documents up to date and organized. This information will be very helpful in the years ahead and can prove you were in compliance with all property tax laws in your area.
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