How to Keep Accurate Records for Real Estate Tax Preparation
Real estate taxes are an important part of any financial plan and must be handled correctly to stay on top of the ever-changing tax regulations. Improper record keeping for real estate taxes can lead to unexpected problems down the road, so it is important to take the necessary steps now to ensure that your records are accurate and up-to-date. At Molen & Associates, we understand the complexities of real estate taxes and are here to help you stay on top of your financial responsibilities. What Real Estate Records Should I Keep? The types of records that must be kept for real estate tax purposes vary by jurisdiction. However, some general documents that should always be maintained include: • Real Estate Tax Liens: Real estate tax liens are placed on a property for failure to pay the required taxes. Keeping records of any real estate tax liens will help to ensure that you are compliant with local regulations. • Rental Agreements: When renting out a property, it is important t