How long is it necessary to keep club records: IRS filings,
club audits, treasurer reports and secretary reports, etc.?
What is really a "must keep"?

It is a good idea to keep historical records that report information
about transactions that affect your basis in any investment you have
for as long as you own it. This includes your investment in your club
as well as investments like your house and stocks you purchase.

When you belong to a club, you are a member of a partnership. You
have a basis in your partnership share. The information reported on
your tax returns affects your basis each year. When you ultimately
withdraw from a club, there will be a capital gain or loss
associated with your club investment. It will be the difference
between what you receive and what your basis is at the time of
withdrawal.

One of the functions of bivio is to track your basis. If you are
keeping your records accurately, all the historical information you
need will be available for the capital gain or loss to be calculated
correctly.

However, if there was some problem with your club records and they
needed to be reconstructed, you would need your historical tax returns
to do so correctly. So, to backup what Lynn said, it is a good
idea to keep your club returns for all the years that your club has
been in existence.

--
Laurie Frederiksen
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