The duration for retaining paperwork after selling a house varies, with a general recommendation to keep it for at least seven years. This practice is particularly vital if there were significant gains, repairs, or any unique circumstances during the sale. Essential documents include closing statements, receipts for improvements, and any tax-related forms, as these can be crucial for potential audits by the IRS and future financial planning. Proper organization and secure storage of these documents is advised.
Key documents like purchase agreements and closing statements should be retained for several years post-sale to address potential tax and legal inquiries.
Given the possibility of audits and the importance of home value documentation, it’s advisable to keep paperwork related to a home sale for at least seven years.
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