Question: I purchased several townhouses in Glendale for investment purposes in the real estate “boom” in the mid-2000’s. I recently sold the last of these townhouses. How long do I have to keep the real estate documents relating to these townhouses?
Answer: Although Arizona law requires real estate brokers to keep the documents of real estate sales for five years, there is no similar Arizona law regulating sellers. For tax purposes, however, you should keep the documents relating to the sale and rental of these townhouses for at least three years, and many tax advisers would recommend keeping the documents for at least seven years.