Home / Blog / Uncategorized / Records Retention

Records Retention

I’m cleaning my attic and have two questions:

  1. Both my parents passed away during the 1990s.  How long do I need to keep the final estate documents?
  2. I’ve owned three homes during the past three decades.  How long do I need to hold on to the house closing documents?

While certain circumstances may warrant a different recommendation, generally I suggest the following:

  1. Estate paperwork: Keep the tax returns forever (Form 706 and/or Form 1041). Keep the “final” court filed document(s) forever (accounting and inventory). You may destroy everything else.
  2. Home purchase paperwork: Keep the settlement statement forever (HUD-1). Consider keeping the actual mortgage agreement forever. You may destroy everything else.

Simple rule to follow: keep tax returns and legal documents forever.   (Keep all ancillary materials for at least 36 months… and then feel free to pitch.)

Leave a Reply

NOTE: Do not use this form to communicate with us, it is to add a comment on the page you are currently viewing.