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Old 06-15-2010, 02:32 PM
 
Location: Edina, MN
5,309 posts, read 3,806,157 times
Reputation: 11759

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How long should someone keep the closing docs on a house they have either bought or sold?

I'm "cleaning" house and sold a house in Denver in 1994 - I suspect it's safe to heave ho these? Should you keep the docs on your current home until you sell it?
Thanks for your advice!
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Old 06-15-2010, 02:45 PM
 
Location: Simmering in DFW
6,847 posts, read 9,879,208 times
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Great question, I have several from many houses and I tend to keep them, too. I think, however, that after 7 years they can be tossed b/c that how far IRS can go back for back audits.....
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Old 06-15-2010, 03:09 PM
 
Location: Colorado Springs, CO
1,571 posts, read 3,472,313 times
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I suggest you ask your CPA or check the IRS web site. Most of the reasons to keep the documents is to support your tax returns. Your best bet is to check with your CPA.
Happy house cleaning!
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Old 06-15-2010, 03:55 PM
 
Location: Austin
4,414 posts, read 8,216,212 times
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Keep them, as you never know what you'll need in the future. Best to scan them and save things on disk so you can dump the paper.
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Old 06-15-2010, 04:23 PM
 
Location: Edina, MN
5,309 posts, read 3,806,157 times
Reputation: 11759
Default Thanks!

Thanks for taking the time to answer!

Also, I think the many realtors on this site should get a special thanks for taking the time to offer valuable advice to so many of us "lost" souls. It can be a scary ordeal, more so now than ever, and getting 2nd (3rd, 4th, 5th) opinions is very helpful!!

I, for one, am so glad you are all here
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Old 06-15-2010, 05:04 PM
 
706 posts, read 1,136,303 times
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Quote:
Originally Posted by MN2CO View Post
How long should someone keep the closing docs on a house they have either bought or sold?

I'm "cleaning" house and sold a house in Denver in 1994 - I suspect it's safe to heave ho these? Should you keep the docs on your current home until you sell it?
Thanks for your advice!
my father died in June of 2009 and we found bank statements, etc. going back into the 80's. Here is what the IRS says:
Publication 552 (02/2010), Recordkeeping for Individuals

and

Property. Keep records relating to property until the period of limitations expires for the year in which you dispose of the property in a taxable disposition. You must keep these records to figure your basis for computing gain or loss when you sell or otherwise dispose of the property.

I'm selling a house and will be buying a house. Any documents that have my social security number or driver's license number will be kept some years and then shredded.

The idea of scanning and saving to disc is a great idea.
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Old 06-15-2010, 05:20 PM
 
Location: Edina, MN
5,309 posts, read 3,806,157 times
Reputation: 11759
Thanks, naeems
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Old 06-15-2010, 06:57 PM
Status: "Apple Pie!" (set 6 days ago)
 
Location: Cary, NC
19,560 posts, read 30,982,095 times
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How long? "Until the 12th of Never, and that's a long, long time..."

We paid off a mortgage in 1993 when we sold a house.
The satisfaction paperwork is in the file somewhere.

We have title insurance papers, etc. You can probably toss any Truth-In-Lending disclosures.

Every now and then a courthouse burns down, and records are destroyed.
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Old 06-15-2010, 07:20 PM
 
Location: Edina, MN
5,309 posts, read 3,806,157 times
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Quote:
Originally Posted by MikeJaquish View Post
How long? "Until the 12th of Never, and that's a long, long time..."

We paid off a mortgage in 1993 when we sold a house.
The satisfaction paperwork is in the file somewhere.

We have title insurance papers, etc. You can probably toss any Truth-In-Lending disclosures.

Every now and then a courthouse burns down, and records are destroyed.
I would hope a courthouse would have everything backed up properly. If not, they wouldn't know who to contact to get a copy, so, my copy would be meaningless. Also, I know that house in Denver has be resold - these papers are going bye bye. I will keep the mortgage satisfaction stuff.
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Old 06-15-2010, 11:54 PM
 
Location: Bradenton, FL
2,049 posts, read 2,318,612 times
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I've kept the last 10 years' worth of home purchases/sales. The files don't take up much room (stacked in a file drawer) and it's helpful to refer back to, when making the NEXT sale or buy.
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