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Are Permanent records really kept forever?

Not always. Permanent records are permanent only for the person or asset concerned, but may not be relevant after the person or asset has expired. In some cases, permanent records for a person may be kept with family heirs forever. When an asset is sold, the Permanent records showing the cost basis (purchase price and improvement costs) can be filed with taxes if the gains/losses are taxable for the property. Permanent historical records for property such as maintenance and improvement records can be passed to a new owner when sold. When the asset eventually expires, in practice, the file should be removed to check warranty information, replacements costs, or to make an insurance claim in the case of damage or theft. For this reason, there is no need to regularly purge Permanent files.

 
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