The depreciation deduction, will save you some tax dollars. Life twists and turns so take it while allowed. Personally, I recommend you add your sch E and worksheets to your financial notebook. Since this Sch E will need to stay with your records until 3 years after you sell the house. Your tax records should go in there each year anyway. We only hold them 7 years,
If you don't have one, I urge you to create a financial notebook that is kept separate from your tax return. Keep it safe and each year, add your year-end statements from all your financial accounts plus a copy of your W2’s, your carryover information, and proof of your basis in your various investments. You must keep tax records from the time you purchase until sold/ loss used plus 3 years. It is very easy to lose track of disallowed losses, carryforwards, and basis. This can be a digital or paper notebook.
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