508,318
I keep important documents like these forever. I have been in my house 17 years and just recently I had a legal issue that required me to find a copy of my original settlement statement. The title company was no help. Surprise! I found it in the back of my file cabinet with some other important papers.
As John Juarez said, you might want to calculate your tax basis.
-
Richard Bazinet /MBA, ...
Scottsdale, AZ
-
Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Diana Dahlberg
Pleasant Prairie, WI
-
Michael Jacobs
Pasadena, CA
-
Margaret Rome Baltimor...
Pikesville, MD
-
Nina Hollander, Broker
Charlotte, NC
-
Lynnea Miller
Bend, OR
-
Kasey & John Boles
Boise, ID
-
John Juarez
Fremont, CA
809,258
I am not sure what I would tell them. I might advise they talk to an accountant or someone other than me and I would tell them that I keep mine forever. You can also get them all scanned in and put on a thumb drive and shred the actual paper. Title companies around here are doing that for settlement already instead of print copies.
-
Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Diana Dahlberg
Pleasant Prairie, WI
-
Margaret Rome Baltimor...
Pikesville, MD
-
Nina Hollander, Broker
Charlotte, NC
-
Lynnea Miller
Bend, OR
-
Candice A. Donofrio
Fort Mohave, AZ
-
Ron and Alexandra Seigel
Carpinteria, CA
-
Bob "RealMan" Timm
Minot, ND
-
Michael Jacobs
Pasadena, CA
1,751,129
Margaret, I'm not a good one to ask on this. I have the documents for every house I bought through the 90s. I'm not really a hoarder. It just sounds like it.
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Richard Bazinet /MBA, ...
Scottsdale, AZ
-
Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Candice A. Donofrio
Fort Mohave, AZ
-
Barbara Todaro
Franklin, MA
-
Diana Dahlberg
Pleasant Prairie, WI
-
Michael Jacobs
Pasadena, CA
-
Margaret Rome Baltimor...
Pikesville, MD
-
Bob "RealMan" Timm
Minot, ND
1,311,397
I keep them forever. Need to be able to prove basis if a sale ever takes place.
-
Richard Bazinet /MBA, ...
Scottsdale, AZ
-
Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Diana Dahlberg
Pleasant Prairie, WI
-
Michael Jacobs
Pasadena, CA
-
Margaret Rome Baltimor...
Pikesville, MD
-
Nina Hollander, Broker
Charlotte, NC
-
Joseph Domino 480-390-...
Scottsdale, AZ
-
Bob "RealMan" Timm
Minot, ND
1,209,215
Why not forever?
-
Richard Bazinet /MBA, ...
Scottsdale, AZ
-
Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Diana Dahlberg
Pleasant Prairie, WI
-
Margaret Rome Baltimor...
Pikesville, MD
-
Nina Hollander, Broker
Charlotte, NC
-
Joseph Domino 480-390-...
Scottsdale, AZ
-
Bob "RealMan" Timm
Minot, ND
-
Michael Jacobs
Pasadena, CA
3,345,091
Once the time period for tax reasons has lapsed I do not see any reason to hold on to them.
Like Carol Williams - I do keep mine longer.
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Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Diana Dahlberg
Pleasant Prairie, WI
-
Margaret Rome Baltimor...
Pikesville, MD
-
Nina Hollander, Broker
Charlotte, NC
-
Lynnea Miller
Bend, OR
-
Carol Williams
Wenatchee, WA
-
Bob "RealMan" Timm
Minot, ND
-
Michael Jacobs
Pasadena, CA
4,572,183
Thank you for your email. I hope you are still enjoying your home/neighborhood. I have been advised by xxx that "x" is the reccomended length of time but I have a couple of questions for you. Is that okay?
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Doug Dawes
Topsfield, MA
-
Steve Higgins
Kelowna, BC
-
Debe Maxwell, CRS
Charlotte, NC
-
Diana Dahlberg
Pleasant Prairie, WI
-
Nina Hollander, Broker
Charlotte, NC
-
Lynnea Miller
Bend, OR
-
Ron and Alexandra Seigel
Carpinteria, CA
-
Bob "RealMan" Timm
Minot, ND
-
Margaret Rome Baltimor...
Pikesville, MD
5,772,575
I would advise them to ask their CPA.
-
Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Candice A. Donofrio
Fort Mohave, AZ
-
Diana Dahlberg
Pleasant Prairie, WI
-
Michael Jacobs
Pasadena, CA
-
Margaret Rome Baltimor...
Pikesville, MD
-
Bob "RealMan" Timm
Minot, ND
-
Kasey & John Boles
Boise, ID
2,436,099
I've been scanning paperwork I want to get rid of lately. Scan it, put it in a electronic file somewhere, and throw out the actual documents. Then everything is still available but it sure does clear up a lot of space.
-
Richard Bazinet /MBA, ...
Scottsdale, AZ
-
Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Diana Dahlberg
Pleasant Prairie, WI
-
Margaret Rome Baltimor...
Pikesville, MD
-
Bob "RealMan" Timm
Minot, ND
-
Kasey & John Boles
Boise, ID
2,390,620
My reply would be until you move again and you close on the sale of your home Margaret Rome, Baltimore Maryland . Those docs don't take up that much space, you can store them somewhere.
-
Steve Higgins
Kelowna, BC
-
Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Diana Dahlberg
Pleasant Prairie, WI
-
Margaret Rome Baltimor...
Pikesville, MD
-
Nina Hollander, Broker
Charlotte, NC
-
John Juarez
Fremont, CA
-
Michael Jacobs
Pasadena, CA
2,178,603
I would say at least three years after filing the tax return with the IRS. That is the amount of time they have to audit a return.
I am notorious for keeping records longer but that's mainly because I think they are interesting to look back on many years later.
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Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Candice A. Donofrio
Fort Mohave, AZ
-
Diana Dahlberg
Pleasant Prairie, WI
-
Lynnea Miller
Bend, OR
-
Bob "RealMan" Timm
Minot, ND
-
Michael Jacobs
Pasadena, CA
-
Margaret Rome Baltimor...
Pikesville, MD
921,504
If it's your personal stuff, keep it no less than 10 years. Forever is preferred.
It does not matter what the 'professionals' say is the limitations, a judge makes up the rules as they go. That also applies to the IRS.
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Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Candice A. Donofrio
Fort Mohave, AZ
-
Diana Dahlberg
Pleasant Prairie, WI
-
Bob "RealMan" Timm
Minot, ND
-
Michael Jacobs
Pasadena, CA
-
Margaret Rome Baltimor...
Pikesville, MD
5,583,278
I keep my tax records for 7 years.... I keep the files of properties I've bought and sold for at least 10 years after I sell it...... if I don't sell it, I keep the files.... If it's a home I lived in, I keep that for longer than 10 years....I'm never in a rush to shred deal folders.......
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Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Candice A. Donofrio
Fort Mohave, AZ
-
Diana Dahlberg
Pleasant Prairie, WI
-
Michael Jacobs
Pasadena, CA
-
Margaret Rome Baltimor...
Pikesville, MD
-
Bob "RealMan" Timm
Minot, ND
155,337
I would have them contact the title company, or whoever did the settlement.
I am a stickler for documentation, so I still have my purchase in 2014, and I may me able to find the ones from my purchase in 2003.
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Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Candice A. Donofrio
Fort Mohave, AZ
-
Diana Dahlberg
Pleasant Prairie, WI
-
Michael Jacobs
Pasadena, CA
-
Margaret Rome Baltimor...
Pikesville, MD
-
Bob "RealMan" Timm
Minot, ND
2,220,654
Hi Margaret, I would say at least 5 years.
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Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Diana Dahlberg
Pleasant Prairie, WI
-
Michael Jacobs
Pasadena, CA
-
Margaret Rome Baltimor...
Pikesville, MD
-
Bob "RealMan" Timm
Minot, ND
-
Anthony Acosta - ALLAT...
Atlanta, GA
544,014
Scan them and keep them in the cloud somewhere.
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Richard Bazinet /MBA, ...
Scottsdale, AZ
-
Doug Dawes
Topsfield, MA
-
Margaret Rome Baltimor...
Pikesville, MD
-
Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
1,052,211
I have every personal transaction going back 30 years. My tax person always told me keep them forever. That's not necessary, but some of them have sentimental value now.
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Candice A. Donofrio
Fort Mohave, AZ
-
Doug Dawes
Topsfield, MA
-
Margaret Rome Baltimor...
Pikesville, MD
-
Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
4,882,355
We keep them stored on the cloud indefinitely.
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Richard Bazinet /MBA, ...
Scottsdale, AZ
-
Doug Dawes
Topsfield, MA
-
Margaret Rome Baltimor...
Pikesville, MD
-
Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
2,781,173
I have heard that tax data should be kept all your life....Go from there
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Doug Dawes
Topsfield, MA
-
Margaret Rome Baltimor...
Pikesville, MD
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Candice A. Donofrio
Fort Mohave, AZ
-
Bob "RealMan" Timm
Minot, ND
427,257
For a minimum I would keep them for 7 years with my tax documents. After than it is up to them, but I would keep them longer since it is for my property I live in and still own.
In today's digital world, why don't they just scan their docs and keep them on an external drive that takes much less space and can be kept forever, with a lot less space.
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Doug Dawes
Topsfield, MA
-
Margaret Rome Baltimor...
Pikesville, MD
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Bob "RealMan" Timm
Minot, ND
-
Diana Dahlberg
Pleasant Prairie, WI
5,104,931
Hi Margaret, I actually have a document I give to all my clients at closing that outlines what documents to keep and for how long. Email me and I'll forward it to you.
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Steve Higgins
Kelowna, BC
-
Richard Bazinet /MBA, ...
Scottsdale, AZ
-
Doug Dawes
Topsfield, MA
-
Michael Jacobs
Pasadena, CA
-
Margaret Rome Baltimor...
Pikesville, MD
-
Bob "RealMan" Timm
Minot, ND
711,852
What does their accountant say?
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Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Diana Dahlberg
Pleasant Prairie, WI
-
Michael Jacobs
Pasadena, CA
-
Margaret Rome Baltimor...
Pikesville, MD
-
Bob "RealMan" Timm
Minot, ND
900,128
I think attorneys keep doc's for 7 years.
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Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Diana Dahlberg
Pleasant Prairie, WI
-
Margaret Rome Baltimor...
Pikesville, MD
-
Bob "RealMan" Timm
Minot, ND
-
Michael Jacobs
Pasadena, CA
1,556,633
I would hold them for 5 years personally.
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Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Diana Dahlberg
Pleasant Prairie, WI
-
Margaret Rome Baltimor...
Pikesville, MD
-
Bob "RealMan" Timm
Minot, ND
-
Michael Jacobs
Pasadena, CA
6,393,494
I keep mine forever, but others may be more likely to throw out in less than a decade.
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Bob "RealMan" Timm
Minot, ND
-
Doug Dawes
Topsfield, MA
-
Michael Jacobs
Pasadena, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Margaret Rome Baltimor...
Pikesville, MD
805,909
I would check with your accountant.
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Bob "RealMan" Timm
Minot, ND
-
Doug Dawes
Topsfield, MA
-
Michael Jacobs
Pasadena, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Margaret Rome Baltimor...
Pikesville, MD
5,230,102
I would probably say, "I keep mine for years...until my husband makes me get rid of them! But, I would probably ask my CPA before shredding any of the critical documents. I would personally recommend to keep them at least until you've sold and Closed on the home - there could be vital documents included in that paperwork, needed to list your home."
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Steve Higgins
Kelowna, BC
-
Doug Dawes
Topsfield, MA
-
Michael Jacobs
Pasadena, CA
-
Margaret Rome Baltimor...
Pikesville, MD
-
Bob "RealMan" Timm
Minot, ND
7,836,139
The IRS says you should keep tax returns and the paperwork supporting them for at least three years after you file the return — the amount of time the IRS has to audit you.
The law requires a real estate licensee to retain copies of listings and documents pertaining to the provision of real estate brokerage services for five years after the closing of a real estate transaction, or five years after the listing expires if the transaction is not closed. A licensee who provides property management services must keep records for five years following the termination of a management agreement. Records may be retained in electronic form if specified criteria are met.
A licensee must allow a representative of the State Real Estate Commission to inspect these records if the commission provides reasonable notice. Upon request, paper copies of a document must be provided to the commission at the licensee’s expense. On demand of the Commission, the licensee must display all records, books, and accounts of any money held in trust.
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Doug Dawes
Topsfield, MA
-
Margaret Rome Baltimor...
Pikesville, MD
-
Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
1,502,998
Typically they get used the first year on the tax return and that's it. I'd suggest scanning them and burning them to CD. Other than that, you'd just need to keep the closing statement until the time frame for tax documents is over.
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Doug Dawes
Topsfield, MA
-
Margaret Rome Baltimor...
Pikesville, MD
-
Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
2,684,109
Talk to your CPA or attorney.
* Do NOT keep them longer than necessary. If you were to be a defendant in a civil suit years later, those documents could be subpoenaed and you would have to provide them to the Court. They might contain information that could be used against you. Throw them out when the required time is up. (Yes, I know a Realtor in Tallahassee who this happened to).
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Doug Dawes
Topsfield, MA
-
Margaret Rome Baltimor...
Pikesville, MD
-
Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
911,338
When in doubt, throm them out! Actually, I'd probably suggest they scan them or save them in digital form before throwing them away.
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Doug Dawes
Topsfield, MA
-
Margaret Rome Baltimor...
Pikesville, MD
-
Bob "RealMan" Timm
Minot, ND
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
5,049,450
For as long as the tax period requires it, minimally.
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Bob "RealMan" Timm
Minot, ND
-
Doug Dawes
Topsfield, MA
-
Michael Jacobs
Pasadena, CA
-
Margaret Rome Baltimor...
Pikesville, MD
-
Debe Maxwell, CRS
Charlotte, NC
1,712,676
I keep records as long as I own them.
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Doug Dawes
Topsfield, MA
-
Margaret Rome Baltimor...
Pikesville, MD
-
Michael Jacobs
Pasadena, CA
-
Candice A. Donofrio
Fort Mohave, AZ
-
Bob "RealMan" Timm
Minot, ND
679,404
I would keep my paperwork until I have sold the house. Take no chances.
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Doug Dawes
Topsfield, MA
-
Margaret Rome Baltimor...
Pikesville, MD
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Bob "RealMan" Timm
Minot, ND
1,196,798
I tend to keep documents like that forever. Of course, we haven't moved in over 35 years. I still have them ion a file
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Steve Higgins
Kelowna, BC
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Doug Dawes
Topsfield, MA
3,416,038
I keep paperwork for 10 years however on my house, i keep it as long as i am living there. When sold, i keep it for 10 years then shread.
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Margaret Rome Baltimor...
Pikesville, MD
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Doug Dawes
Topsfield, MA
2,161,048
My old accountant told me once to keep it as long as I own the property.
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Margaret Rome Baltimor...
Pikesville, MD
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Doug Dawes
Topsfield, MA
883,576
I just had someone call me and ask for their settlement papers from 1998
I had to disappoint them.
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Margaret Rome Baltimor...
Pikesville, MD
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Doug Dawes
Topsfield, MA
1,543,823
I'd ask your CPA
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Margaret Rome Baltimor...
Pikesville, MD
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Doug Dawes
Topsfield, MA
1,622,432
I save them in the CAR zip forms, they comply with local legal terms and push them automatically after that into achieve.
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Margaret Rome Baltimor...
Pikesville, MD
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Doug Dawes
Topsfield, MA
1,239,901
7 years.
-
Bob "RealMan" Timm
Minot, ND
-
Doug Dawes
Topsfield, MA
-
Michael Jacobs
Pasadena, CA
-
Margaret Rome Baltimor...
Pikesville, MD
177,849
I think it's normally three years but I am not sure..I personally would hold them longer..HEY Margaret Rome, Baltimore Maryland Miss you..I better get on the phone and check on you...I know you have the show today..
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Margaret Rome Baltimor...
Pikesville, MD
4,800,082
I would keep them until you sell it.
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Margaret Rome Baltimor...
Pikesville, MD
-
Bob "RealMan" Timm
Minot, ND
-
Doug Dawes
Topsfield, MA
5,216,409
Back in the day, at least 5 years unless there was litigation, then longer!
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Margaret Rome Baltimor...
Pikesville, MD
-
Bob "RealMan" Timm
Minot, ND
-
Doug Dawes
Topsfield, MA
4,434,127
I do not know,
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Margaret Rome Baltimor...
Pikesville, MD
-
Bob "RealMan" Timm
Minot, ND
-
Doug Dawes
Topsfield, MA
1,374,373
I also keep mine forever.
-
Debe Maxwell, CRS
Charlotte, NC
-
Margaret Rome Baltimor...
Pikesville, MD
2,071,025
Yes, one of the customer asked if I have his file, closing was almost 10 years ago.
-
Debe Maxwell, CRS
Charlotte, NC
-
Margaret Rome Baltimor...
Pikesville, MD
1,598,452
Reading the answers. Wow, seems we should keep it forever. :)
-
Debe Maxwell, CRS
Charlotte, NC
-
Margaret Rome Baltimor...
Pikesville, MD
3,125,842
Great question Margaret Rome, Baltimore Maryland! My answer without looking is...As long as you own the home.
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Debe Maxwell, CRS
Charlotte, NC
-
Margaret Rome Baltimor...
Pikesville, MD
716,049
I would keep the docs for my own home(s) for ever. Scan everything. Keep on your secret file server in archives. Among many other documents.
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Bob "RealMan" Timm
Minot, ND
-
Margaret Rome Baltimor...
Pikesville, MD
1,045,440
The IRS can go back up to 7 years however depending on the whether the property was ever rented etc I would consult a CPA I would think given that TITLE issues could come back to haunt in the distant future it would make sense to hold on to these docs in your PERMANENT files Margaret Rome, Baltimore Maryland
3,986,258
I tell my clients to never throw them away as they could come in handy
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Margaret Rome Baltimor...
Pikesville, MD
5,868,554
I have kept all my house papers over the years, and when I got my license, was fun to see what the contracts looked like back then, and the commission I paid! For a homeowner, I would save five years, but check with a CPA for sure.
-
Margaret Rome Baltimor...
Pikesville, MD
375,087
It doesn't take up much space so I keep all real estate documents (actually, they take up no space as I scan them) forever. I would absolutely suggest keeping the papers until the property has been sold. I have had to ask borrowers for prior docs multiple times. This is the same for divorce records and child support orders. You'd think that after 18 years you wouldn't need to worry about proving that you no longer pay child support as the child is no longer a minor - not so with some lenders!
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Margaret Rome Baltimor...
Pikesville, MD
3,854,909
And here's one more. My client/friend who originally asked this question received this answer.
"Hi Margaret: my attorney said no need to keep settlement papers beyond 3 years of income tax filing. Leslie"
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Debe Maxwell, CRS
Charlotte, NC
4,936,705