---
title: "Record how long a property record is kept for gain, loss, and depreciation"
url: "https://ailawframework.com/practice/taxation/record-how-long-a-cgt-or-depreciating-asset-record-is-kept/united-states"
type: "task_jurisdiction_version"
site: "AI Law Framework"
id: "A26-PE20261022-17-US"
practice_area: "Taxation"
tier: "yellow"
lawyer_review: "required"
jurisdictions: ["US"]
last_reviewed: "2026-10-22"
---

# Record how long a property record is kept for gain, loss, and depreciation

> Tie the record to the asset. Keep the acquisition documents through the year the asset is sold, plus the limitation period for that year.…

Canonical page: https://ailawframework.com/practice/taxation/record-how-long-a-cgt-or-depreciating-asset-record-is-kept/united-states  
Last reviewed: 2026-10-22

Site index for agents: https://ailawframework.com/llms.txt

## Key facts

| Fact | Value |
| --- | --- |
| Practice area | [Taxation](https://ailawframework.com/practice/taxation.md) |
| Human involvement | Yellow: Lawyer and AI draft together |
| How AI is used | Tie the record to the asset. Keep the acquisition documents through the year the asset is sold, plus the limitation period for that year. If the asset was received in a nontaxable exchange, keep the records of the asset given up as well. |
| What the lawyer must review | The IRS record page says records relating to property are kept until the period of limitations expires for the year in which the property is disposed of, because those records figure depreciation, amortization, or depletion, and the gain or loss on the disposition. If property was received in a nontaxable exchange, the basis is the basis of the property given up, increased by any money paid, and the records of both the old property and the new property are kept until the period of limitations expires for the year the new property is disposed of. 26 U.S.C. § 6501 supplies the general 3-year assessment period that the IRS page uses as the usual end point, subject to the longer periods that page lists. Topic 409 is the companion for how the resulting gain is classified once the asset is sold. |
| Written for | United States |
| Applies to | [Record how long a CGT or depreciating-asset record is kept](https://ailawframework.com/practice/taxation/record-how-long-a-cgt-or-depreciating-asset-record-is-kept.md) |

## Checking plan

- What the AI does: Tie the record to the asset. Keep the acquisition documents through the year the asset is sold, plus the limitation period for that year. If the asset was received in a nontaxable exchange, keep the records of the asset given up as well.
- Basis: Checked against the linked sources on 22 October 2026. Confirm the current instrument before reliance.

## Notes

- Do not destroy the cost base when the ordinary 3-year period for the purchase year expires. The clock for the property file runs from the disposal year.
- Topic 409, cited on the holding-period task, covers the long-term and short-term classification of the gain.

## Sources

- [IRS: How long should I keep records?](https://www.irs.gov/businesses/small-businesses-self-employed/how-long-should-i-keep-records) (checked 2026-10-22)
- [26 U.S. Code § 6501 - Limitations on assessment and collection](https://www.law.cornell.edu/uscode/text/26/6501) (checked 2026-10-22)

*Practice guidance for planning and review. Confirm current primary sources and the requirements of the actual matter. This is general information, not legal advice.*