How long to keep proof for rental

Home Fairmark Forum Taxation of Investments How long to keep proof for rental

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  • #71197
    Jannie
    Participant

    Am I worrying for nothing? How long do I need to keep the proof that I tried to rent the rental home? I ended up selling it – the only qualified potential tenant found a home they like better. Do I keep e-mails or paper forever? 3 yrs/7/?.

    #71200
    Kaye Thomas
    Moderator

    The general rule is that IRS can challenge a tax return until three years after its due date, or the date filed, if that’s after the due date. Keep supporting records at least that long, and if there’s special reason to be concerned, another three years is enough to cover the extended limitations period for exceptional circumstances.

    #71201
    Jannie
    Participant

    Thanks, I think I’ll keep everything for the 6 yrs. The IRS did a CP2000 for that tax yr because I itemized and forgot to (I guess include the refund for my state taxes as income) can’t remember exactly, but had something to do with that. But, to be on the safe side will keep the “stuff”. I rec’d the CP2000 in 2020.
    Hardly ever itemize.

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