A personal finance blog dedicated discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance.


Thursday, June 02, 2005

Home Financial Files - Organizing Your Finances - Part IV

This is part four of my "Getting Organized" series. Most of the information in these posts is from a book entitled The Money Club - How We Taught Ourselves the Secret to a Secure Financial Future - and How You Can, Too, (ISBN 0-684-83719-6) written by Marilyn Crockett, Diane Terman Felenstein, and Dale Burg. The book is no longer being published but you might be able to find a used copy on eBay or Alibris.

The first three parts in this series can be found here:

Part I

Part II

Part III


Items marked with an asterisk (*) should be copied and the copies placed in your safe deposit box.

  • *Copy of deeds, titles, title insurance for home (orininal may be at bank if you have a mortgage).

  • *Copy of deeds, titles, title insurance for any other property you own.

  • *Copy of deeds, title, title insurance for car.

  • *Copy of videotape (or DVD) inventory of house. Go through every room and closet. The video could help you in filing an insurance claim for theft or damage.

  • *Receipts for big-ticket purchases like furs or furnishings in case of insurance claims.

Tax Information Needed for Eventual Sale of Home or Rental Property
  • Closing agreement regarding the purchase of your house.

  • Form 2119 - proceeds from the sale of any prior residence.

  • File of receipts for any itme or service you paid for that enhanced the value of your residence or kept it in good condition. Check with your CPA to find out what items can be used to deduct from any profit from the sale of your home.

  • Expense records on rental properties to deduct from your profits at the time of sale.

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