How long to keep paperwork (aka record retention)

[Jerah Yassine]

Can someone point me to a resources that can let me know how long I need to keep specific records related to rental properties? For example, a tenant lease after they move out, insurance policies, purchase/sale paperwork, etc (not an exhaustive list in the slightest).

I have suddenly become a landlord. My dad passed in January and had several rental properties (you can read my intro post for more info on them), and not only did I get the properties, but all the paperwork that goes along with them (including paperwork for property he sold). Right now it is likely that we will keep at least some (maybe all?) of the property. My dad has a lot of paperwork and as I'm sorting through it I'm just not sure what's stuff I need to keep and stuff I can toss cause he literally kept everything. I've found is taxes dating back to 1970 just to give you an idea of how much paperwork my dad saved. Thanks!

[Charles Carillo]

@Jerah Yassine

I would keep everything dated within the last 7 years. Most of the other documents can most likely be shredded. Make sure to check through it though since there might be some deeds or copies of title insurance etc. that you should hold onto.