how long to keep home documents after the home sale is completed?
I recently sold a home. The funds from the buyer have been transferred to my account. The sale is completed. How long do i need to hold on to documentation such as repair receipts, warranty information on appliances included in the sale, old utility bills, old property tax info etc. Thank you.
Terry Says
You should probably keep a folder for 7 years, because that’s how long the IRS has to go back and audit you for how you handled the taxes on the sale. If it was your residence, you get to exclude $250,000 on gains on a single return ($500,000 on a joint return). If it was a rental, and especially if you took depreciation along the way, you might get audited and would definitely need to keep the tax info.
