How long should you hold onto old bills?

Question

Sorting mail and filing. What to hold on to? What to toss?

Answer 1

Here's a recommendation:

"Personally, I'll keep bank and credit card statements for a few years (shred before disposing), but anything tax-related (including mortgage stuff, income statements and pay stubs, 1040s, deductions, etc.) I keep FOREVER. But the old records need not be burdensome--just but them in a filing box, labeled and organized by year, somewhere out of the way."

Answer 2

Bills should be kept until the next statement or until it is paid. If the bills show you bought something tax-deductible or depreciable, you will need to keep it until 3 years after the tax return was filed claiming the deduction or after the depreciation ended (but remember you will need to know it was fully depreciated if you sell the item).

Answer 3

I just toss mine. No matter what I do, something alwasy stops me from making payments, and they end up going through legal steps to take it from my paychecks. Which is why I live in a 300 a month sh*t place with no water. Some people have all the luck.

Answer 4

The IRS told me 3 years. I keep all bills and receipts for 3 years - no matter what. You never know when you might need it again. This came in quite handy last year, so don't just throw the bill away once they've been paid.

Answer 5

I am a packrat. I keep ALL of my old bills. I have them all stuffed into this plastic storage bin in my closet. Maybe I'll never need them, but just in case I do, I always have them.

I'd say you should probably hold on to your paid bills for at least 12 months.

Answer 6

monthly bills like phone, utilities, cable can be tossed after you write the check. Anything to do with taxes like mortgage, charity, business expenses keep for 7 years.

Answer 7

I hold on to my bills until the new ones come and the checks clear. I shred them afterward. I pay a lot online so I have email confirmations that I store on zip. I only hold on to tax stuff forever.

Answer 8

Old bills like phone,power,cable,bank, etc.... I belive it's best to hold onto them for atleast 5-7 years. basically for tax reasons or if you need to go back and check something.

Answer 9

6 months unless there is a discrepancy. If you have a problem with a bill, keep it up to 6 months after the issue is resolved.

Answer 10

The IRS can audit you back three years. If they find evidence of fraud, they can go back seven years. Save bank, insurance, brokerage, and tax papers forever. I would toss the other stuff after three years if you don't commit fraud.