Home Sale Records HOME SALE RECORDS Document How Long to Keep It Home sale closing documents, including closing statement As long as you own the property + 3 years Deed to the house As long as you own the property Builder’s warranty or service contract for new home Until the warranty period ends Community/condo association…
Home Sale Records
HOME SALE RECORDS Document How Long to Keep It Home sale closing documents, including closing statement As long as you own the property + 3 years Deed to the house As long as you own the property Builder’s warranty or service contract for new home Until the warranty period ends Community/condo association covenants, codes, restrictions (CC&Rs)As long as you own the property Receipts for capital improvements As long as you own the property + 3 years Mortgage payoff statements (certificate of satisfaction or lien release) Forever, just in case a lender says, “Hey, you still owe us money.”
Annual Tax Deductions
ANNUAL TAX DEDUCTIONS* Document How Long to Keep It Property tax payment (tax bill + canceled check or bank statement showing check was cashed) 3 years after the due date of the return showing the deduction Year-end mortgage statements 3 years after the due date of the return showing the deduction Tax returns 3 years from the date you file your return or 2 years from the date you paid the tax, whichever is later
Insurance and Warranties
INSURANCE AND WARRANTIES Document How Long to Keep It Home repair receipts Until warranty expires Inventory of household possessions Forever (Remember to make updates.) Homeowners insurance policies Until you receive the next year’s policy Service contracts and warranties As long as you have the item being warrantied
Investment Real Estate Deductions
INVESTMENT (LANDLORD) REAL ESTATE DEDUCTIONS Document How Long to Keep It Appraisal or valuation used to calculate depreciation As long as you own the property + 3 years Receipts for capital expenses, such as an addition or improvements As long as you own the property + 3 years Receipts for repairs and other expenses 3 years after the due date of the return showing the deduction Landlord’s insurance payment receipt (canceled check or bank statement showing check was cashed) 3 years after the due date showing the deduction Landlord’s insurance policy Until you receive the next year’s policy Partnership or LLC agreements for real estate investments As long as the partnership or LLC exists Landlord insurance receipts (canceled check or bank statement showing check was cashed) 3 years after you deduct the expense Section 1031 (like-kind exchange) sale records for both your old and new properties, including HUD-1 settlement sheet As long as you own the property + 3 years
Miscellaneous Records
MISCELLANEOUS RECORDS Document How Long to Keep It Wills and property trusts Until updated Date-of-death home value record for inherited home, and any rules for heirs’ use of home As long as you or spouse owns the home + 3 years Original owners’ purchase documents (sales contract, deed) for home given to you as a gift As long as you or spouse owns the home + 3 years Divorce decree with home sale clause As long as you or spouse owns the home + 3 years Employment records for live-in help (W-2s, W-4s, pay and benefits statements) 4 years after you make (or owe) payroll tax payments
*Info provided by Houselogic
Until next time….
LK Marketing and Real Estate 
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