|
Some documents and records need to be kept indefinitely but
most can be discarded after a prescribed period. Here are some general rules of thumb as to how long you should keep them. Keep in mind that there may be individual
circumstances in which legal considerations, for instance, dictate that
documents be kept longer.
The basic rule is: When in doubt, don’t throw it
out. If you have any questions,
check with your financial advisor.
KEEP INDEFINITELY
-
Birth
certificates
-
Adoption
papers
-
Custody
agreements
-
Death
certificates
-
Deeds
to property
-
Divorce
papers
-
List
of assets (keep current)
-
List
of previous employers
-
Loans
that have been paid off (canceled notes or other evidence)
-
Marriage
certificates
-
Passports
-
Photographic
or video record of house and household contents
-
Record
of any governmental employment (e.g., armed forces)
-
Income
tax returns (supporting documentation may be discarded after six years)
-
Tax
forms and supporting records relating to non-deductible IRA contributions
-
Tax
forms and supporting records relating to sale of a home
|
KEEP FOR PRESCRIBED PERIOD
-
Bank
statements – six years
-
Brokers’
confirmation slips for purchases – until security is sold
-
Canceled
checks – six years
-
Contracts
– seven years after expiration
-
Credit
card statements – six years
-
Receipts
for home improvements that can be added to tax basis of home – six
years after home is sold in a transaction that is not a
“rollover” transaction
-
Mortgage
records – three years after paid off
-
Owners’
manuals for appliances – until item is discarded
-
Receipts
for major warranted purchases – until item is discarded or sold
-
Records
supporting income tax returns and deductions (W-2s, 1099s, receipts)
– six years
-
Warranties
and extended service agreements – until expiration
THROW OUT NOW
|
