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How Long To Keep Property Tax Records?

You should generally keep property tax records for at least three years from the date you filed the related tax return, aligning with the IRS audit statute of limitations. However, a more cautious approach is to retain them for seven years, as some jurisdictions have longer audit periods or assessment challenge deadlines. Crucially, for capital gains purposes when selling a property, records related to the home's purchase price, annual property tax payments, and significant improvements are vital for determining your cost basis. To accurately calculate gains or losses and minimize future tax liabilities, these documents should be kept indefinitely while you own the property, and then for at least seven years after its sale. This long-term retention also provides irrefutable proof of payment in case of any disputes. Ultimately, while three years is a minimum, keeping annual records for seven years, and indefinitely for cost basis documentation, offers the most comprehensive protection.

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