How long to keep vital paper documents?!!!!?

Question

... tax documents, monthly statements of: bank-car loan-student loan-phone bill-utility bill-credit card-car insurance..... and also ->payroll stubs, rent reciepts, checks.....

Answer 1

http://www.bankrate.com/goocan/news/pf/20060215b1.asp

Answer 2

Tax documents: at LEAST 7 years (10 is better)

Monthly bills/receipts: until the next one comes in and you have reconciled it against the old (verified new charges and payments)

Payroll stubs/bank statements: if you plan to take out a loan, you'll need at least the last two, and possibly three, of these. I always keep the last paystub of the year with my tax info for that year.

Checks: See if your bank keeps copies of these (many do). If so, you can chunk them. If not, you'll need to find a way to keep them for at least three years. If you used them to pay off debts, keep the checks for those debts until the debt is paid and the note is returned to you. If you used a check for a major purchase (down payment on house or car, big ticket items like TVs, home appliances, etc.) keep the check with the warranty or other documents.

Answer 3

All tax documents are 7 years as per IRS rules. Credit card and utility bills normally till the next statement comes in and tally it with the old one and then you can destroy the older one. Same with car insurance, rent receipts and checks.

Answer 4

7 years is the basic statutes of limitations in most states, however, some are 10 years. So, depending on your location 7 to 10 years, is the longest time length you would need to keep your documentation.