Quick Answer: How Long Should You Keep Records?

How long should you keep personal records?

The general rule for keeping receipts This means you should keep all receipts, proof of income, calculations, nominations and other records which support the contents of you tax return for five years..

What papers to save and what to throw away?

When to Keep and When to Throw Away Financial DocumentsReceipts. Receipts for anything you might itemize on your tax return should be kept for three years with your tax records.Home Improvement Records. … Medical Bills. … Paycheck Stubs. … Utility Bills. … Credit Card Statements. … Investment and Real Estate Records. … Bank Statements.More items…•

Should I keep old checkbooks?

Keep any check that was written toward a non-tax-deductible expense at least six months to one year. Some people prefer keeping them for three years. You will need these checks in case there is a dispute about a payment you made.

Should I shred utility bills?

You probably already know that you should always shred documents that contain your name and address or financial information, such as bills and bank statements. … There are many types of document that you should dispose of securely – not just those that contain obvious confidential information.

Should I keep old insurance policies?

For individual life, health, disability and long-term care insurance and other policies that are continuous until they’re canceled, you should keep the policy papers and any amendments until the coverage ends or is canceled.

How long should you keep bank statements and canceled checks?

After one year, shred bank statements, pay stubs, and medical bills (unless you have an unresolved insurance dispute).

Can the IRS go back more than 10 years?

Generally, the IRS gives up on collecting taxes after 10 years from the date that your tax assessment began. Therefore, this agency is bound by a 10-year statute of limitations that prevents it from collecting taxes that are more than 10 years overdue.

How long should you keep your bank statements?

one yearKey Takeaways. Most bank statements should be kept accessible in hard copy or electronic form for one year, after which they can be shredded. Anything tax-related such as proof of charitable donations should be kept for at least three years.

What are the important papers to keep?

How long should you keep documents?Store permanently: tax returns, major financial records. … Store 3–7 years: supporting tax documentation. … Store 1 year: regular statements, pay stubs. … Keep for 1 month: utility bills, deposits and withdrawal records. … Safeguard your information. … Guard your financial accounts.More items…

Which paperwork should I keep?

Documents you need to keep for a while Tax records and receipts (keep for seven years) Pay stubs and bank statements (keep for a year) Home purchase, sale, or improvement documents (keep for at least six years after you sell) Medical records and bills (keep at least a year after payment in case of disputes)

What papers should I keep and for how long?

Keep forever. Records such as birth and death certificates, marriage licenses, divorce decrees, Social Security cards, and military discharge papers should be kept indefinitely.

How long do you have to keep records for HMRC?

5 yearsHow long to keep your records. You must keep your records for at least 5 years after the 31 January submission deadline of the relevant tax year. HM Revenue and Customs ( HMRC ) may check your records to make sure you’re paying the right amount of tax.

How many years of medical records should you keep?

seven yearsFederal law mandates that a provider keep and retain each record for a minimum of seven years from the date of last service to the patient.

How far back should you keep mortgage statements?

three yearsHomeowners should keep these statements for at least three years. Although the information on these statements is a part of public record, it is always more convenient to keep a carefully-filed paper copy so you can find the information at a moment’s notice.

What are the four must have documents?

Four key estate planning documents that everyone should have in placeA will. What is a will? … An enduring power of attorney (EPOA) What is an enduring power of attorney? … An appointment of medical treatment decision-maker. What is a medical treatment decision-maker? … An advanced care directive (ACD)