Keeping full and accurate homeowner records is not only vital for claiming deductions on your tax return, but also for determining the basis or adjusted basis of your home. These records include your purchase contract and settlement papers if you bought the property, or other objective evidence if you acquired it by gift, inheritance, or similar means. You should also keep any receipts, canceled checks, and similar evidence for improvements or other additions to the basis. This article explains the types of house-related expenditures that generate paperwork and records you should save. 

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Your tax advisor at Sharrard, McGee & Co., PA  can help you determine which records relating to your homeownership (including your main residence, second home, and rental properties) must be saved for tax planning and for how long. Call us at (336) 884-0410 in High Point and at (336) 272-9777 in Greensboro.