keeping monthly bill statements

I need to know if we need to keep all bill statements?

Like water, electric, lawn maintenance,and manitenance dues invoices once paid. If they have been recorded in our account books, is it necessary to keep them? I know we need to keep receipts of our purchases.

Also what about deposit receipts you get back from the bank teller.

Could someone please advise.

Thanks
Eric B
FL

Eric, you need to keep those you mentioned PLUS all other accounting records for tax purposes. And of course all other HOA documents for the period of time required by law.

Correct. All the HOA expenses are tax deductible because they are for the corporation.

You don't deduct your water and electric bill at home because it isn't used in a business.

However, if you have an office at home that is deductible, you would be able to deduct a portion of your electic and heating bill, and you would have to keep the receipts.

Bill