I am trying to get organized but don't know what papers to keep and for how long. What papers can I throw away?
2006-12-30 12:12:00 · 11 answers · asked by grandma 1 in Business & Finance ➔ Personal Finance
Both wrong...it depends on the bill.
3 months for consumables (or less if consumed quicker) - food gas,etc.
Utilities - 1 yr or even zero months if the company can give u copies of bills.
If you are online like me,... 30 days max ...
If u are a online user of your bank accounts... you will not need to keep bills at all, since your check & their bills are available online for years..
2006-12-30 12:17:57 · answer #1 · answered by pcreamer2000 5 · 0⤊ 0⤋
Actually bills just show the latest transactions. Cancelled checks from the bank proves you paid the bill, whether or not it is listed on the bill. For tax purposes, 7 years is the avarage to keep paperwork. Somethings like deeds, wills, ownership papers, etc. should be kept as long as what they represent is still in your possesion.
2006-12-30 12:16:06 · answer #2 · answered by Thomas M 3 · 0⤊ 0⤋
Bills like electric, gas, car payments, insurance - 1 month.
Credit cards bills - 3 months
Mortgage bills - 1 year, but keep the December statement for each year that shows the yearly interest you paid.
Statements from your investments - 1 year You can throw out the monthly/quarterly statements but keep the December statement for at least 7 years or until you sell the investment.
Anything that you receive from banks showing interest, dividends for the year, you keep for 7 years (for IRS purposes).
2006-12-30 17:48:54 · answer #3 · answered by Steve R 6 · 0⤊ 0⤋
1 year
2006-12-30 12:13:32 · answer #4 · answered by ? 7 · 0⤊ 1⤋
Great question! I think the standard for anything you claimed on taxes is 7 years. For things like the gas bill, I don't see why you have to save it at all once you paid it, but then again, starting one of those portable file bins with folders for each utility and receipt isn't that difficult and you might just want to slip them in the file for the year just in case.
2006-12-30 12:20:56 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I keep paid bills and bank statements 7 years that's how long a credit report goes back.
2006-12-30 12:21:43 · answer #6 · answered by chante 6 · 0⤊ 0⤋
As soon as you get the new bill, and it reflects your payment, throw the old one out. For one time bills, if you pay by check, that is a legal record. A checking account is the perfect organizer. Keep your canceled checks until you file your taxes. after that, shred them and discard.
2006-12-30 12:20:37 · answer #7 · answered by stringer_G 3 · 0⤊ 0⤋
IRS says 7 years
2006-12-30 15:46:25 · answer #8 · answered by ekleinert 3 · 0⤊ 0⤋
6 1/2 years at least!
2006-12-30 12:13:32 · answer #9 · answered by Anonymous · 0⤊ 1⤋
Five yrs.
2006-12-30 12:16:07 · answer #10 · answered by jimbobob 4 · 0⤊ 0⤋