3 ms·
It becomes relevant during a divorce, or a capital gain or loss that has expenses related to the basis. Sometimes it's to your advantage not to have the documen
by sowbug 4y ago
It becomes relevant during a divorce, or a capital gain or loss that has expenses related to the basis. Sometimes it's to your advantage not to have the documentation, but those situations are often zero-sum, so the other party will go the extra mile to find whatever is missing.
- emodendroket 4y agoIn those rare circumstances where someone wanted to see an old statement I've never had difficulty logging in and finding the statements online.
- sowbug 4y agoMaybe you live elsewhere, but in the US it's common for statements to be available for only seven years, and if you close an account, its online statements are gone for good. Bad marriages and good investments can last far longer than that.
- emodendroket 4y agoI've always gone with the IRS advice that nothing older than 7 years is needed. Maybe someday I'll regret it but so far it hasn't happened.
- sowbug 4y agoYeah, that's the right number, but the context is slightly incorrect. If in 2022 you claim a lowered capital gain based on a home renovation you did in 2001, then you need to save those 2001 receipts for seven years, i.e. until 2029. The date on the receipts doesn't matter; the seven-year clock starts ticking only when you involve them in a taxable event.