Property Inventories are a written total of all the personal property a tax payer owns. Property Inventories also refer to the total amount that was paid to buy each item as well as current value of the property. The main use of the Property Inventories is to keep a record or to calculate how much the tax payer gained or loss on the sale of a property. They are also used to report the insurance companies regarding the loss of the property. It is very wise of a taxpayer to keep his property inventory in a safe place like keeping it in a bank deposit and should not be make it public information.
Property inventories are only effective if they are accurate and have all the defects noted. They should be update periodically. Most of the time, a landlord assumes that it is not important to keep descriptions of everything. However, the descriptions are what proves if the tenant has caused any type of damage or is prone to pay for cleaning costs. Property inventories helps to facilitate the tax and to report for insurance.
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