W2s, rent receipts, bank statements, copy of tax info & forms, bill statements? I want to declutter. When is the appropriate time to get rid of them. I'm always worried I'll need it later but really don't want to keep a bunch of papers. When do you guys get rid of yours? Please let me know. Thanks.
2007-02-18 13:11:53 · 8 answers · asked by Queen 3 in Business & Finance ➔ Taxes ➔ Other - Taxes
That depends upon the records.
Keep pay stubs until you get your W2 and verify the totals. Hold them until the Social Security wages are picked up on your annual SS statement and verify the totals.
Keep copies of filed tax returns for 5 years most of the time. If you have capital loss carry-overs from prior years, keep them all back to the year where the loss occurred plus 5 years after the carried over loss is depleted.
If you own stocks and bonds, keep tax returns for 7 years. That's in case the securities are ever declared worthless since you can amend for that for 7 years.
Keep records of any stock transactions for at least 7 years past the sale date of the last share.
Keep home ownership records (deeds, etc.) as long as you own the home, plus 5 years.
Keep mortgage records until the mortgage is paid and the lien is released, plus 5 years. Keep paid trust deeds until the property is sold, plus 5 years.
Keep your social security card forever. (Bet you didn't know that you can only get 10 duplicate copies in your lifetime!)
Keep any bank records where there is a tax consequence for at least 7 years.
Keep medical records forever.
Keep expired passports for 5 years.
Keep insurance settlement documents for at least 5 years.
Keep utility bills until the next bill comes in and the last payment is verified as paid. You may want to keep a spreadsheet of the actual bills, however, especially if you own your home. Very handy if a prospective buyer wants to know how much the average utility bills are.
Keep warranty documentation as long as the warranty is in force.
Keep appliance owner's manuals as long as you own the appliance. They often include parts lists that can be very valuable for tracking down parts for an older appliance.
Whew! That will get you started!
2007-02-18 17:12:28 · answer #1 · answered by Bostonian In MO 7 · 2⤊ 0⤋
How funny-I just cleaned out my filing cabinet yesterday and had the same questions. Cell phone statements, insurance statements, and other things like that I save for 1 year. I save ALL of my tax papers (just in case, you never know) and I also save all of my paystubs from previous employers. I have heard that you don't need to save anything if you use a check, credit card, or money order to pay for things because your check, credit card, or money order receipt is your receipt, but I am like you, I don't want to throw away anything away for fear I might need it later. Hope this helps!
2007-02-19 05:23:34 · answer #2 · answered by Katie W 2 · 0⤊ 0⤋
Personal tax returns are kept 6-7 years. If you have an IRA and ever made non-deductible contributions, you need to keep those returns. You year-end statements are all you need to retain with your tax returns. Be sure to destroy any records with personal information. Burning or cross-cut shredding is the best.
2007-02-18 23:54:44 · answer #3 · answered by david42 5 · 0⤊ 0⤋
IRS rules for document retention gave me a headache
http://www.irs.gov/businesses/small/article/0,,id=98513,00.html
I still was apprehensive to destroy that old stuff. So I took all of that paper that was stored in boxes, scanned it, and placed it on discs. I am no longer concerned that I may have thrown away something I may need because I have it on a disc that takes up less than a 1/4 inch of space compared to the closet full of boxes I previously had.
2007-02-18 14:51:38 · answer #4 · answered by Anonymous · 0⤊ 0⤋
you will always have the memory, I have forced myself to hold on to pictures. This way I don't have a lot of things around my house. I keep the negatives in a seperate place that way the only way I could always get another copy if I want. Hey wait maybe thats why scrapbooking has taken off. lol
2016-05-24 04:26:36 · answer #5 · answered by Anonymous · 0⤊ 0⤋
5 yrs for personal
2007-02-18 14:47:26 · answer #6 · answered by S A 3 · 0⤊ 0⤋
General rule of thumb is 7yrs when it comes to anything to do with your taxes....Though it is said that if audited that they only go back 3yrs....They can go back 10 if needed.
2007-02-18 13:16:02 · answer #7 · answered by Linda D 1 · 0⤊ 0⤋
5yrs for personal, 7 yrs if you're self-employed
2007-02-18 13:20:07 · answer #8 · answered by sleepy 1 · 0⤊ 0⤋