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Personal Record Retention Guide

February 4, 2015

Personal Documents To Keep For One Year

 

While it’s important to keep year-end mutual fund and IRA contribution statements forever, you don’t have to save monthly and quarterly statements once the year-end statement has arrived.

 

Personal Documents To Keep For Three Years

 

Credit Card Statements

Medical Bills (in case of insurance disputes)

Utility Records

Expired Insurance Policies

 

 

Personal Documents To Keep For Six Years

 

Supporting Documents For Tax Returns

Accident Reports and Claims

Medical Bills (if tax-related)

Sales Receipts

Wage Garnishments

Other Tax-Related Bills

 

Personal Records To Keep Forever

 

CPA Audit Reports

Legal Records

Important Correspondence

Income Tax Returns

Income Tax Payment Checks

Property Records / Improvement Receipts (or six years after property sold)

Investment Trade Confirmations

Retirement and Pension Records

 

Special Circumstances

 

Car Records (keep until the car is sold)

Credit Card Receipts (keep until verified on your statement)

Insurance Policies (keep for the life of the policy)

Mortgages / Deeds / Leases (keep 6 years beyond the agreement)

Pay Stubs (keep until reconciled with your W-2)

Sales Receipts (keep for life of the warranty)

Stock and Bond Records (keep for 6 years beyond selling)

Warranties and Instructions (keep for the life of the product)

Other Bills (keep until payment is verified on the next bill)

Depreciation Schedules and Other Capital Asset Records (keep for 3 years

after the tax life of the asset)

 

 

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September 29, 2017

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Johannsen CPA is pleased to serve the Treasure Valley - Boise, Meridian, Kuna, Eagle, Star, Nampa, Caldwell, Middleton, Idaho and beyond. 

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