Records outlive the person who kept them

This Weltee Journal note argues that individuals should keep asset records because those records outlive the holder. It cites IRS Publication 552: copies of returns and other records can help a survivor or the executor of an estate, and good records identify income, expenses, and the basis of property. It cites IRS Publication 551: basis is the amount of investment in property for tax purposes, and accurate records of every item that affects basis are required to compute gain or loss. It cites IRS Topic 305 and the Service's retention guidance: keep records generally for three years, and keep property records until the limitations period expires for the year of disposition. It cites IRS Publication 559: a personal representative is in charge of the decedent's property. It cites the CFPB and the FTC: AnnualCreditReport.com is the only authorized source under federal law for the free annual credit reports. The note is for anyone who owns property that someone else may one day have to settle. The next step is to keep basis files with the ledger and to tell the executor where the book is.