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How long to keep records on sold rental property?
Old 07-07-2014, 11:20 AM   #1
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How long to keep records on sold rental property?

This feels like it should be a simple answer, but somehow I feel I need reassurance.

We recently sold a rental property we'd owned since 2003. We have piles of records associated with renting this property. Obviously, we need to retain anything having to do with this year's taxes and the sale/settlement itself. Can we safely pitch everything else going back to 2003?

Thanks,

Amethyst
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Old 07-08-2014, 09:09 AM   #2
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Wow, 100+ views and no responses. Is it that hard of a question, or did I phrase it poorly?

Amethyst
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Old 07-08-2014, 09:27 AM   #3
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Regular tax rules apply, keep your records for 6 years after filing date. So, you could pitch annual income and expenses for years '03 through '06. If you sold in '13 and filed in '14 you should keep records affecting cost basis through -20.
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Old 07-08-2014, 10:22 AM   #4
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Quote:
Originally Posted by MichaelB View Post
Regular tax rules apply, keep your records for 6 years after filing date. So, you could pitch annual income and expenses for years '03 through '06. If you sold in '13 and filed in '14 you should keep records affecting cost basis through -20.
Seems like solid advice. I would only keep the records affecting taxes, not every single receipt. Unless it has to do with cost basis, you want to have as much support for cost basis since Mr IRS uses that to calculate how much he gets
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Old 07-08-2014, 10:31 AM   #5
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Thanks, that makes sense. I keep old tax folders going back to the 90's, so I will just pitch everything else. I am so going to enjoy tossing the tons and tons of HOA cr@p, and the old leases. Maybe I will keep some relics of some of the weirder tenants. The last set seems to have given me a mild case of PTSD...I still have nightmares about them.

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Old 07-08-2014, 10:36 AM   #6
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Does this help? (more links on the page)
How long should I keep records?
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Old 07-08-2014, 12:19 PM   #7
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Thanks, imoldernu!


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Originally Posted by imoldernu View Post
Does this help? (more links on the page)
How long should I keep records?
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