Frequently Asked Questions

How long should I keep tax records if I own a home?

Keep property records for as long as you own the home plus at least three years after filing the tax return for the sale year. If your capital gain exceeds the 25% underreporting threshold, retain them for six years.

Do I need to keep receipts for routine home maintenance?

No, routine maintenance receipts do not increase your home’s adjusted basis for personal residences. You only need to keep records for capital improvements that add permanent value, prolong structural life, or adapt the space to new uses.

What happens if I lose my original home purchase closing statement?

Contact the title company, closing attorney, or mortgage lender that managed your purchase transaction to request digital copies. You can also obtain historical property deed copies and transfer tax records through your local county recorder.

Can I scan my paper property tax documents and shred the paper originals?

Yes, the IRS accepts legible electronic records under Revenue Procedure 97-22. Ensure your digital scans capture both sides of documents, maintain high clarity, and are backed up securely across multiple storage platforms.

How long should I keep Form 1098 mortgage interest statements?

Retain Form 1098 statements for at least three years from the date you filed your tax return claiming the mortgage interest deduction. If you filed under an extension, count three years from your actual submission date.