Why should taxpayers keep records of personal, nonbusiness assets that they own, in a tax sense?
a. the question is misleading: recordkeeping is a personal choice for personal nonbusiness assets since there is not a tax consequence for personal-use assets.
b. records should be kept because nonbusiness assets can still generate income, or be converted to business use at a later date.
c. taxpayers should keep records for nonbusiness assets in case the irs and congress get greedy and start to try and expand the scope of their collection activities.
d. taxpayers should keep records of nonbusiness assets because it is a federal law that requires them to do so.