what receipts should I keep and which should I throw away?

Question

I have been postponing cleaning my personal home files for months now and the reason being I feel attached to these papers (bank statements, credit card receipts and statements, school bills, past accounts, etc..). A part of me feels that I should keep these -what if I need them in the future. I have too many of these and would like suggestions on what I should really keep and throw away. thanks....

Answer 1

Keep receipts that prove purchase during warranty period .

Keep receipts as they relate to tax write offs, which the go back period for the IRS is now 3 years .
Sooo , throw away stuff over 4 years old .


If you own a home , keep receipts that would relate to the cost basis , should you decide to sell and need to figure your capital gains if over $250K per single / $500K per couple .

Otherwise , start tossing the rest . . .
Lighten up !

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Answer 2

Why not get a file and make a folder for each type of receipt. Most receipts can be tossed or shredded, but hang onto ones for big ticket items and stuff that you think may break or need to be returned. Always keep your credit card records and school records in a safe place, you can usually shred them after a year or so since most schools and cc companies can look up account info if you need them to.

Basically, if you think you should keep it, keep it. If you don't think you'll need it, shred it or throw it away.

Good luck and I hope this helps! :-)

Answer 3

you should keep everything.