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How long to keep records on sold rental property?
07-07-2014, 10:20 AM
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#1
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Give me a museum and I'll fill it. (Picasso)
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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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Even a blind clock finds an acorn twice a day.
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07-08-2014, 08:09 AM
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#2
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Give me a museum and I'll fill it. (Picasso)
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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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If you understood everything I say, you'd be me ~ Miles Davis
'There is only one success – to be able to spend your life in your own way.’ Christopher Morley.
Even a blind clock finds an acorn twice a day.
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07-08-2014, 08:27 AM
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#3
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Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,726
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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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07-08-2014, 09:22 AM
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#4
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Thinks s/he gets paid by the post
Join Date: Sep 2013
Location: Cincinnati, OH
Posts: 4,373
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 Quote:
Originally Posted by MichaelB
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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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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07-08-2014, 09:31 AM
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#5
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Give me a museum and I'll fill it. (Picasso)
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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.
Amethyst
__________________
If you understood everything I say, you'd be me ~ Miles Davis
'There is only one success – to be able to spend your life in your own way.’ Christopher Morley.
Even a blind clock finds an acorn twice a day.
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07-08-2014, 09:36 AM
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#6
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Gone but not forgotten
Join Date: Jul 2012
Location: Peru
Posts: 6,335
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Does this help? (more links on the page)
How long should I keep records?
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07-08-2014, 11:19 AM
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#7
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Give me a museum and I'll fill it. (Picasso)
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Join Date: Dec 2008
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Thanks, imoldernu!
Quote:
Originally Posted by imoldernu
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__________________
If you understood everything I say, you'd be me ~ Miles Davis
'There is only one success – to be able to spend your life in your own way.’ Christopher Morley.
Even a blind clock finds an acorn twice a day.
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