9 Documents That Help You Reap Real Estate Tax Breaks

South Bay homeowners - be sure to have these forms for your tax prep
Time to get ready for tax time! If you are expecting a refund and you’re a South Bay Homeowner, be sure to know about the 9 documents you should have when you prepare your return to take advantage of tax benefits of owning a home.

1. Mortgage Interest Statement (IRS Form 1098)
2. Property Tax Statements
3. Uniform Settlement Statement (HUD-1)
4. Moving Expense Receipts
5. Cancellation of Debt Statement (IRS Form 1099)
6. Utility statements for home office.
7. Income and Expense statements from rental properties.
8. Contractor receipts from energy efficient home improvements.
9. Mortgage Credit Certificate (MCC)

Read all the details at the Trulia real estate website.

Are Your Property Taxes Too High?

Property TaxDecline-in-Value application deadline is November 30th

Here’s something helpful for this tax year.

If you think your property tax may be too high, here is the Assessor’s link to see if your property has automatically qualified for a decline-in-value reduction. This FREE service eliminates the need to go through the application process, and hopefully will curtail the scam mailers from offering to submit your review application for a fee.

If your property has not already been reviewed, you may file a decline-in-value application here. But do it quickly. The deadline for filing a Decline-in-Value application is November 30th.

Recently a client of mine decided to fight for a reduction in her property taxes. She has a lovely new patio home in Lomita 90717. I say “fight for a reduction” because it took her three attempts to get it through. She now pays $100 less a month in property tax, which is helping her pay for her new gorgeous convertible. Why not try?

Visit this Los Angeles County Decline-in-Value Reassessment web page for more details.

Your friend in the business,
Lucy Garber
(310) 293-4866