I am moveing house very soon and have at least 10 years of bank statements filed. How many years should I keep?
2006-12-04 06:55:33 · 11 answers · asked by poshpasha 2 in Business & Finance ➔ Personal Finance
I found it very hard to choose a best answer.Thank you all for your advice,I will keep at least 5 years.And a merry xmas to you all.
2006-12-05 04:10:25 · update #1
The Law states, 7-years and I would keep the last 6 years at least. Especially now, because you are moving. If something you purchased, 3-yrs ago, is lost, broken, your Proof of Payment is in that years Bank Statements. The alternative is, to Scan them, and load them into your computer, and then back them up on a disc! OK ? but keep the past 7-years, and take ALL your receipts,warranty's. I strongly suggest that you carry your Personal papers,with YOU. Good Luck and Merry Christmas.
2006-12-04 07:07:43 · answer #1 · answered by peaches 5 · 0⤊ 0⤋
after you have checked the statement you don't need to keep it, if it makes you feel better hang on to an end of year statement that tell you your interest on the account. that is going to be what is important to the IRS and even then it is on the statement from the bank. if the account is for a business then yes you do need to keep the statements for 7 years but in a personal account 2 months is fine.
2006-12-04 20:32:01 · answer #2 · answered by LD 5 · 0⤊ 0⤋
Rule of thumb "keep your files for 5 - 7 years". Your bank will keep your statements in their files. If you need any, you can send for them for a price. I keep mine for one year, then shred. Only a couple of times I have had to go back a year or two in order to prove a payment, not for the IRS... Thank God. You can also have your statements sent to you on line. Then at the end of the year make a disc. It will save you a lot on space and paper.
2006-12-04 15:04:41 · answer #3 · answered by Vida 6 · 1⤊ 0⤋
I would recommend keeping at least seven years' statements filed. You never know when you'll need to reference something from several years ago, and it can get costly to have to order copies of your statements from the bank--not to mention the time that it takes for the bank to locate the records and send you the copies.
2006-12-04 15:07:40 · answer #4 · answered by Tora 2 · 0⤊ 0⤋
1 year...but they are online now so you dont really need to keep them. We dont get paper statements anymore....it is so nice! If you did need copies you can print them out or ask the bank. I dont know anything that requires more than 3 months of statements...loans are usually 2 months.
2006-12-04 15:04:21 · answer #5 · answered by Ember B 3 · 0⤊ 0⤋
My CPA has me save accordingly:
Personal: 3 years - date filed
Business: 5 years - date filed
For instance keep 2004 filed in 2005
Save all tax returns & corespondence from other accounts such as stocks, etc......
2006-12-04 15:15:06 · answer #6 · answered by Steadfast † One 6 · 0⤊ 0⤋
I would keep at least 2 years worth...any more than that, if you ever need them, the bank can print them out for you. Hope this helps..
2006-12-04 14:59:48 · answer #7 · answered by blondambition 4 · 0⤊ 1⤋
I keep 7 years worth and shred the rest. Never know if the IRS will come knocking someday.
2006-12-04 15:04:10 · answer #8 · answered by parsonsel 6 · 0⤊ 1⤋
Typical IRS guidelines for paperwork is 7 years. You never know what the IRS will do. Be sure to shred AND thoroughly burn all records you are going to dispose of to prevent ID theft!
2006-12-04 15:03:24 · answer #9 · answered by Joe S 6 · 0⤊ 1⤋
I have never needed anything more than a year's worth. But the more capacity you have to store, Better safe than sorry.
2006-12-04 15:03:33 · answer #10 · answered by travistual 3 · 0⤊ 0⤋