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Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 55595
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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My father was a real estate broker in VA who recently has

Customer Question

My father was a real estate broker in VA who recently has passed away. How long is the family required to keep his real estate records?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Richard replied 1 year ago.

Good morning. My name is ***** ***** I look forward to helping you.

There are two factors here...one, tax information, and two, statute of limitations.

From the IRS standpoint:

Period of Limitations that apply to income tax returns

  1. Keep records for 3 years if situations (4), (5), and (6) below do not apply to you.
  2. Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return.
  3. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.
  4. Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return.
  5. Keep records indefinitely if you do not file a return.
  6. Keep records indefinitely if you file a fraudulent return.
  7. Keep employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.

From a non-tax statute of limitations standpoint, the Virginia statute of limitations for contracts is 5 years and 6 years for promissory notes.

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