If you own a property then you have to pay property taxes as well as it will be essential for you to show the source of property. Any confusion or missed document can lead you to the legal prosecution. It is important to keep all property receipts and taxes receipts for timely presentation. Personal property taxes are imposed by state or local governments on the value of properties such as vehicles, furniture, business equipment and other similar items. It does not matter either you have sold a property or purchased it, it is essential to maintain all property receipts to avoid any future trouble. You have to keep good track of property receipts and tax payments.
Whenever you receive a property tax receipt, it is essential to make its duplicate file to save it for your future use. In case, if your property receipts are misplaced and you are unable to find them then it will be good to have its copy from concerned authorities.
Process to Get Duplicate Property Receipt
If your property receipt is lost due to your carelessness or any other reason, do not waste your time in the search of it because you can easily get a duplicate of property receipt from tax office:
- You can use the information of your currently paid property tax receipt including account numbers, legal description as well as country information and get the access of your county tax office. You will get the option on the website to request a duplicate property receipt. They can charge some fee for the issuance of property tax receipt.
- Some areas of tax have different authorities so it is essential to contact the right individual to have separate duplicate receipts for each area. You can directly meet with the required person or authority to get duplicate copy of tax receipt who will charge small fee up to $10 or less to cover the processing of the duplicate receipt.
Contents for Property Receipts
You have to maintain good records of property receipts and in order to take whole benefits of these receipts; you are required to design them carefully without any potential error:
- Contents of the receipt will be based on the type of property receipt such as receipts of rental property should include name of property holder, description and quantity of property, amount of rent and the duration of rent as well as any special terms and conditions.
- It is compulsory to have record of travel expenses incurred on the repairs of rental property. You can get standard mileage rate or deduct the annual expense. It is essential to deduct the business portion of the travel expenses to get immediate number.
- Receipts of minor repairs should be kept separately like plumbing, fixing, door or windows, repairing an air cooler or minor repainting etc. Sum up all receipts and cancel the checks for your repairs. Add up all receipts after necessary depreciation to get an accurate amount as taxable income according to the laws and regulations of your own state.
Here is preview of a Free Sample Property Receipt Template created using MS Excel,
Here is preview of this Property Receipt Template,