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Six documents every homeowner should keep

As a homeowner, you may find yourself with a lot of paperwork. While you don’t have to keep all of it, it is a good idea to keep certain files for tax or mortgage purposes. There are several documents that you should keep as long as you own a property and some after you sell the property. Those include:

1. House deed: A house deed is a document that transfers ownership of a house from one party to another. Keep this for as long as you own a property, to have proof that you own it.

2. Closing documents: Keep documents related to closing the sale of your new home or property as long as you own the property, and three years after the sale.

3. Receipts for home improvements: Keep these for three years after you sell a property. It will help to show an increase in home value help to justify a sales price during the sales process, and can be useful when it comes to your property taxes.

4. Mortgage payoff statements: Keep mortgage payoff statements indefinitely. These are documents from your lender that both parties sign when you’ve successfully paid off your mortgage. Keeping them indefinitely offers you a defense if your lender tries to come back to you later and say that you still owe money on your mortgage.

5. Private or primary mortgage insurance statements and cancelled checks: Keep these for three years after the tax year in which you’ve claimed this deduction. This payment is part of your monthly mortgage payment.

6. Property tax payment: Keep your tax bill and statements showing payment for three years after you’ve made the payment.

The minimum time to keep important household documents is three years after payment is made, although it doesn’t hurt to keep many of these for longer. This is because the IRS can audit individuals for specific years for up to three years after the tax year (they can audit your 2015 tax return until the end of 2018.)

If you don’t keep these documents, you could find it difficult to state your case or provide proof during an audit or dispute related to your home.

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