Years ago, our CPA said to hold things for seven years and later changed it to five years. I did go through checks and bank statements and kept the ones relevant to IRS and state taxes paid as well as checks to contractors, etc., which added value to our house. That way the capital gain for our sale price over our investment is lessened by the proof of the improvements we made. The maintenance, charitable, and medical I threw out. But be careful about deeds and titles, including burial plots, as some people throw them out not knowing what they are.
“added value to our house. That way the capital gain for our sale price over our investment is lessened by the proof of the improvements we made.”
That’s not necessary anymore——it’s $500.000.00 in your favor for a couple if it’s the primary residence——not a single receipt needed.
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