Why you need these docs: To document you’re eligible for a deduction or tax credit. PMI payment (monthly bills + canceled check or bank statements showing check was cashed)ģ years after the due date of the return on which the credit is claimed (including carryforwards**) Property tax payment (tax bill + canceled check or bank statement showing check was cashed)ģ years after the due date of the return showing the deduction And sooner or later you’ll need to check the CC&R rules in your condo or community association. Your builder’s warranty or contract is important if you file a claim. Your deed and mortgage payoff statements prove you own your home and have paid off your mortgage, respectively. Why you need these docs: You use home sale closing documents, receipts for capital improvements, and like-kind exchange records to calculate and document your profit (gain) when you sell your home. Mortgage payoff statements (certificate of satisfaction or lien release)įorever, just in case a lender says, “Hey, you still owe money.” Section 1031 (like-kind exchange) sale records for both your old and new properties, including HUD-1 settlement sheet ![]() Home sale closing documents, including HUD-1 settlement sheetĪs long as you own the property + 3 yearsīuilder’s warranty or service contract for new homeĬommunity/condo association covenants, codes, restrictions (CC&Rs) And the agency never closes the door on an audit if it suspects fraud. The IRS can also ask for records up to six years after a filing if they suspect someone failed to report 25% or more of his gross income.Some make you keep tax records a really long time: In Ohio, it’s 10 years. Check with your state about state income tax, though.So that’s how long we advise in our charts. ![]()
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