How long should you keep credit card statments, phone/cable bills?

Question

I have some from nearly 5 yrs ago, are these items valuable to the IRS if you get audited? What SHOULD i keep?

Answer 1

The IRS has its own website with FAQs pages.But listen up NEVER throw your stuff away because these agencies themselves retain all that info on you for as long as you live.You can store them in a closet with shelves and keep them sorted in a dry dark cool place where you always have access to them when needed.Dedicate one full space in your home to files and records only ; just like the hospitals do!!!!

Answer 2

Technically, you need to keep everything for 5 years. After that you are allowed to throw them away.

However:

Credit card companies keep your records forever, and are always willing to send you copies of bills(and proof of payment) if you request them. Therefore, you don't have to hold any of your credit card bills. The same is generally true for phone and cable bills.

The problem is that if you pay for something WITHOUT using a credit card, such as cash or check, then the only record is the receipt that you are given. So those reciepts need to be kept for 5 years.

I think that covers it....hope this helps!

Answer 3

They aren't used for taxes I don't keep mine at all if they are correct I get rid of them, shredding or tossing depending what they are.

Answer 4

For this long till the winter comes and you should use them for feul.