keep documents to previous house?

Question

we just sold our home... how long do we need to keep old documents, like the deed...? i still have the listing when we bought it, the contract, the closing paper work...

What do I need to keep and for how long?

Answer 1

You need to keep the closing documents from the sale of the house, showing what you received for it., and what costs were associated with the sale. You should keep a record of the payment of real estate taxes for the last year you owned the house. You need to keep some record of what you paid for it originally. Everything else has sentimental value only. Once you have filed your taxes for the year in which you sold the house, you need to keep the documents that had an impact on that tax return for as long as you keep the return itself (usually 7 years is sufficient.)

Answer 2

Well that really is up to you, as far as I know I don't think there is a law that requires you to keep them for any specific length of time. I have records going back 30 years but then again I'm a pack rat. You might want to check your state's web site and see if your state has any time requirement. The only laws that we think apply as to time to keep documents can be found on this link supplied by our research department.
IRS: Time to keep records: http://www.irs.gov/businesses/small/article/0,,id=98513,00.html
Death and taxes my friend it's the only sure thing.
Happy research
Buena Suerte

Answer 3

Guessing, I'd say three years for all of it, unless transaction or lifestyle suggests an audit is likely, then 7 years. Can't hardly have too much back-up paperwork on major deals.