Reply to We sold a house in 2006. Is there any reason why we should still keep all the paperwork?

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Reply to "We sold a house in 2006. Is there any reason why we should still keep all the paperwork?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]IMO yes, keep them to establish your basis (cost) as you roll over from one house to another in case you ever need it.  Maybe not likely that you'll end up with such a large gain that it may be taxable but I keep at least the HUD-1 (settlement statement) for every sale of property I've owned.

Do you have the cancelled Note/ Mortgage?[/quote]

This has not been the case for nearly 20 years.[/quote]

Gee, then the ones I got back must be fraudulent, eh?  I have 2 sets of them, amigo.[/quote]

What pp is saying (and pp is correct) is that it hasn't been the case that you need to keep track of your basis when you roll over a gain from one house to another. That changed in 1997 with the adoption of the $250,000 exclusion from capital gains for housing occupied by the owner for two of the last five years ($500,000 for married couples). There's no "rollover" basis, amigo. So I don't know what you're prattling on about, but you might wish to check your smugness at the door since you are clearly not knowledgeable about this topic.[/quote]

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