I'm pretty sure 7 years is as far as they (IRS) can go back for audits. Seems that everything older than that can go to the shredder. Are there exceptions I should know about?
2006-11-02 06:40:57 · 12 answers · asked by Big Brother 3 in Business & Finance ➔ Personal Finance
Tax records, 7 years.
Bank records related to your taxes, business expenses--7 years
Bills--Keep receipts for big tickets items until you sell or dispose of it.
Credit card receipts--7 years
Paycheck stubs--1 year
House records--(improvements, mortgage--permanently. Expenses related to buying and selling of your house--6 years.
2006-11-02 06:51:56 · answer #1 · answered by Anonymous · 2⤊ 0⤋
Anything related to IRS should be kept for at least 7 years. Generally audits will only go back 3 years but they can go back 7. If your bank statements show actual payee (like online billpay), you should keep then 7 years as well. You never know when you might need to prove payment. Initial loan documents and final paperwork, like lien releases, I'd keep forever, but at least 7 years. You don't really need to keep all the monthly statements after the loan has been paid. I recommend you keep credit card statements at least 3 years and utility bills 2 years
2016-05-23 19:00:38 · answer #2 · answered by Anonymous · 0⤊ 0⤋
For personal financial information the IRS requires 3 years unless there is a problem, then they can go back 7.
2006-11-02 06:47:11 · answer #3 · answered by voandginger 4 · 0⤊ 0⤋
For tax purposes, I'd keep them for 7 years. IRS can go back 3 years if there is an honest error in your return. if you are being investigated for fraud, they can go back indefinitely. But the general rule is 7 years unless you are doing some questionable things that you feel are defensible.
2006-11-02 10:58:10 · answer #4 · answered by kjhenkel 2 · 0⤊ 0⤋
Yes, seven years is standard but I would keep all home related documents longer (payments, repair receipts.) The repairs can be deducted from the sale price of the home after you sell the home and have to claim it on taxes. Also keep all investment papers.
2006-11-02 06:43:46 · answer #5 · answered by ineedonebuddy 3 · 0⤊ 0⤋
As far as I know it's 7 years for everything.
2006-11-02 06:42:37 · answer #6 · answered by ? 4 · 0⤊ 0⤋
Yes. If you can it is best to keep all your W-2s, or check stubs from working. It helps you find out how much money social security will give you if you ever need it or when you retire.
It can also prove when they are wrong about the amount you actually paid in to it.
That, receipts to valuables - where you may need to show the original price you paid for something, when you sell it or put it up for auction, is all I can think of where you may need them more than seven years. (Unless, you want to give it to your descendants as genealogy sources.)
2006-11-02 06:48:12 · answer #7 · answered by femalegtrst 2 · 0⤊ 0⤋
7 Years is a good answer.
Most only do 3
2006-11-02 06:42:47 · answer #8 · answered by Anonymous · 0⤊ 0⤋
I work in the financial office at a nursing home, we only have to keep our financial docs, for 7 years, then they have to be burned or buried.
2006-11-02 06:43:37 · answer #9 · answered by ? 3 · 0⤊ 0⤋
What I do is scan important documents, put them on a cd, and put them in my safe. That way i don't have to keep a bunch of papers. Plus it's safe from fires, floods, etc.
2006-11-02 06:50:11 · answer #10 · answered by Anonymous · 0⤊ 0⤋