Submit your property taxes properly when it comes to your real estate in Santa Monica.
April has come and gone, but October is right around the corner. If you’ve procrastinated and asked for an extension on your taxes, you have until October 17 to submit your taxes. However, when it comes to your real estate in Santa Monica, Brentwood, and the Westside, it’s imperative that you submit your property taxes properly. Avoid these common real estate tax mistakes so that you can submit your taxes without a hitch.
Mistake: Ignoring the Year.
There is lots of confusion when it comes to your tax bill and your actual taxes. When filing your taxes, ensure that you only pay attention to the taxes that you paid in 2015. Your tax bill may have information about last year’s taxes or about any taxes that you’ve prepaid for 2016.
Mistake: Confusing Home Repairs and Improvements.
Listing your home repairs and improvements as a tax deduction usually, won’t hold water. While these repairs and improvements can help to boost your home’s value, unless they’re due to a natural disaster, you’re likely unable to claim them on your taxes. Review your repairs carefully and only claim them if they’re deductible.
Mistake: Haphazardly Assembling Home Expense Records.
Everyone dreads an IRS audit. However, everyone is at risk. If you don’t have detailed records of how you calculated your tax deductions, you could be in big trouble. That’s why it’s imperative that you keep all your information organized and filed away in a safe place. That way if you are audited, you’re able to give your auditor all the information that they need.
When it comes to your real estate in Santa Monica, Brentwood, and the Westside, it’s important to submit your property taxes the right way. When thinking of making a move, Sit Down With A Stand Up REALTOR®. Contact The Fealkoff Team for all your real estate needs. We’re helping families in both the Conejo Valley and the Westside of Los Angeles, including Westlake Village, Thousand Oaks, Calabasas, Santa Monica, Brentwood and more.