How many years should you keep your bills and receipts before throwing them away?

Answer 1

There is a requirement for federal tax , there may be one for state taxes. It is 7 years. It is required to prove any deductions claimed.

Receipts for major purchases should be filed and kept for as long as you have the item. It may be required for an insurance claim or warrenty claim.

Answer 2

If your receipts are tax deductible, you will need to keep that till the end of the year to prove to I.R.S. And even after you have proven them to the I.R.S keep then an extra two months or so in case they would verify things. Your bills keep them till the end of the year. I used to keep my receipts for a long time but one day my storage areas were piling up so I threw them a way now I just keep them till the end of the year and then I dispose them.

Answer 3

7 years

Answer 4

It depends on what purpose the documents are to be used. You need to them to support your income tax returns. The statute of limitations is three years, so you need all records showing income and expenses for at least three years. For example, if you made a contribution, you would need to keep the receipt for three years, but if you buy stock, you need to keep the receipt for the purchase three years after you sell the stock.

Answer 5

shop ALL RECEIPTS: once you like a receipt and you have it, the subject concerns in existence disappear like water vapors. once you haven't got receipts, it relatively is like somebody sticking a chainsaw on your ear. shop RECEIPTS FOR (10) TEN YEARS. purely verify you team and date them as you bypass.

Answer 6

If you want to store them but limited on space then scan them into computer and transfer them to disk then you can print them out whenever you need them.
If they needed for IRS then they accept you just taking disk with you in case you get audited

Answer 7

Usually it's 7 year's.this is a taxation requirment

Answer 8

I believe you should wait 7 years before discarding anything.