retaining records
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retaining records (by Pamela Doyne [AR]) Sep 24, 2021 2:07 AM
       retaining records (by Robert J [CA]) Sep 24, 2021 3:48 AM
       retaining records (by Jason [VA]) Sep 24, 2021 4:48 AM
       retaining records (by Pat [VA]) Sep 24, 2021 7:04 AM
       retaining records (by WMH [NC]) Sep 24, 2021 8:00 AM
       retaining records (by Jason [VA]) Sep 24, 2021 9:07 AM
       retaining records (by Pat [VA]) Sep 24, 2021 9:37 AM
       retaining records (by Nicole [PA]) Sep 25, 2021 10:07 AM
       retaining records (by Pmh [TX]) Sep 25, 2021 5:26 PM

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retaining records (by Pamela Doyne [AR]) Posted on: Sep 24, 2021 2:07 AM

State Specific Question About: ARKANSAS (AR)

How many years shall a property owner keep tenants records after they move. Whether they are on housing or not ? --108.239.xx.xx

retaining records (by Robert J [CA]) Posted on: Sep 24, 2021 3:48 AM

A while ago a senate farm bill passed and included in it was an IRS ability to go back 20 years or more when doing an audit.

I had an apartment buildings that I rented without garages. Since the garages were long the rear alley way, I rented them out to non-tenants. One garage tenant I ended up evicting for non-payment of rent. He in turn reported to the IRS that for the 8 years I rented him that garage, I pocked the rent, paid in cash each month. So the IRS demanded I show up to a audit and brought with me all records to all rentals. I showed up to the IRS audit with a picture of my double car garage filed with over 100 boxes of records. I told them I would not participate in a scavenger hunt. They would have to tell me which property and years in questions.

The IRS was stupid because I listed the garage rents as Royalty and the apartment rents under Income/Rents. I showed the agents all of my paper receipts handout out to all tenants paying in cash over my 25 years as a landlord at that time.

So records were needed to PROVE I paid and reported everything. Otherwise it's an evicted tenants word against mine. Also when I've forgiven unpaid rent, my letters to the tenants were needed to prove back in 1989, I didn't pocket any non reported rents.

retaining records (by Jason [VA]) Posted on: Sep 24, 2021 4:48 AM

I donít keep anything beyond 7 years. Iím not going to drown myself in irrelevant paperwork. --172.56.x.x

retaining records (by Pat [VA]) Posted on: Sep 24, 2021 7:04 AM

This brings up a very interesting point for all. I hesitate to throw away anything and this is why (what Robert said).

I had a man call me this week at 7:27 a.m. (I documented because I thought it was early for a real federal investigator). He identified himself and questioned me about one of our tenants. I was reluctant to answer and I told him my concern in this day and age of "scammers". He proceeded to advise me that he could show up on my doorstep & show me his badge but was trying to be less intrusive. (Gee, thanks)

It is not unusual for social security to call & verify tenancy but this guy mentioned he was from the "Inspector General's office. Part of me wanted to co-operate as to avoid a conflict with the government but certainly a part of me did not want to be giving out tenant info.

I think this couple has been on & off again, but it's none of my business and I just told him they pay their rent, and I'm not even friends with them on FB so I don't know who lives there or not for certain. Weird.....

retaining records (by WMH [NC]) Posted on: Sep 24, 2021 8:00 AM

Social Security verifies tenancy??? Why? How? For what purpose?

retaining records (by Jason [VA]) Posted on: Sep 24, 2021 9:07 AM

Pat: ďIím happy to help, please send me their signed authorization formĒ. Itís likely just somebody trying to find them (debt collector). Personally I would have hung up the phone.

retaining records (by Pat [VA]) Posted on: Sep 24, 2021 9:37 AM

When parents have children that are drawing assistance, or social security disability, agencies often check to verify address, lease.

This child has type 1 juvenile diabetes, so I knew he was on some kind of disability assistance from what the mother had told me.

Jason, I admire your "courage". I didn't want to "tick" off Uncle Sam & find myself in his cross hairs. So, I attempted to cooperate without really saying anything one way or the other.

You never know when someone might want to make an example of you.

BTW, my husband was a plant manager of a mining operation back in the day. He said the inspectors were arrogant A-holes that couldn't make it in the mining field and often got federal jobs with an axe to grind. He's had them come in and advise him they had the authority to shut him down, blah blah, blah. When he would tell their supervisor some of the most outlandish things they would tell him, they would arbitrarily exclaim, "He didn't say that!" So that tells you the mindset. "Hooray for me & to hell with you!"

retaining records (by Nicole [PA]) Posted on: Sep 25, 2021 10:07 AM

I find it hard to believe a first contact asking for info from a governmental agency was a phone call. A local office that you have an ongoing relationship with, sure. Feds, no.

retaining records (by Pmh [TX]) Posted on: Sep 25, 2021 5:26 PM

Pat: you did wrong. could have been a scammer or skip tracer but you are obligated to keep your renters information confidential unless you are given a subpoena (or a copy of a signed release to verify prior rental history as it pertains to us LL)

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