Some documents and records need to be kept indefinitely, but most can be discarded after a prescribed period. Here are some rules of thumb as to how long you should keep them. Keep in mind that certain circumstances - 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.
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 financial assets held (keep current)
Wills and other estate planning documents
Life insurance policies
List of previous employers
Marriage certificates
Passports
Photographic or video record of house and household contents
Military records / record of any governmental employment (e.g., armed forces)
Tax forms and supporting records relating to non-deductible IRA contributions
Records of paid mortgages
Keep for a Prescribed Period
Income tax returns (note that the IRS can audit you for 3 years after you filed a tax return, 6 years if you’re self-employed or under reported 25% of your income, and if you don’t file a return at all or filed a fraudulent return, there is no limit on the statute of limitations)
Records supporting income tax returns and deductions (W-2s, 1099s, receipts) - 1 year, 3 years if used for tax purposes and 6 years if self-employed
Loans that have been paid off (canceled notes or other evidence) - 7 years
Bank statements - 1 year, 3 years if used for tax purposes and 6 years if self-emplyed
Brokers' confirmation slips for stock and mutual fund purchases - until security is sold
Records of selling a stock - 3 years
Canceled checks - 1 year, 3 years if used for tax purposes and 6 years if self-emplyed
Contracts - 7 years after expiration
Medical bills - 3 years
Credit card statements - Until the monthly bill is marked paid, but keep 1 year, 3 years if used for tax purposes and 6 years if self-emplyed
Utility statements - Until the monthly bill is marked paid, but keep 1 year, 3 years if used for tax purposes and 6 years if self-employed
Pay stubs - 1 year, until you received and reconciled with annual W-2 and social security statement
Receipts for home improvements that can be added to tax basis of home - 6 years after home is sold in a transaction that is not a "rollover" transaction
Insurance papers (all types of insurance) - after policy is renewed or 4 years after expiration or cancellation
Records of selling a house - 3 years after paid off
Owners' manuals for appliances - until item is discarded or sold
Receipts for major warranted purchases - until item is discarded or sold
Warranties and extended service agreements - until expiration
Property tax records and disputes - 6 years after home is sold
Vehicle records (title, registration, purchase receipt, repairs and maintenance recipets, etc) - until sold
Savings bonds - until cashed in
Throw Out Now
Owners' manuals and warranties for appliances and cars you no longer own
Receipts for credit card purchases if not major or related to a tax deduction - after reconciling with monthly credit card statements
ATM receipts - after reconciling with monthly bank statements
Sales receipts (unless used for tax purposes, then 3 years if used for tax purposes and 6 years if self-employed)
Show/Hide: Quick Links & Client Portal
.jpg)
