What to keep for 1 month:
-ATM Printouts. Discard all ATM receipts when you balance your check book each month.
What to keep for 1 year:
– Paycheck stubs. Discard when you compare to yearly W-2 or Social Security statement.
– Utility bills, unless needed for tax purposes (such as deductions for home office). Retain for 3 years if using for tax purposes.
– Cancelled checks. Retain for 3 years if needed for tax purposes.
– Credit Card receipts. Retain for 3 years if needed for tax purposes.
– Bank Statements. Retain for 3 years if needed for tax purposes.
– Quarterly Investment Statements. Discard when you receive your annual statement.
What to keep for 3 years:
– Income tax returns. The IRS may audit you for 3 years after you file. This time frame increases to 6 years if 25% of your gross income is omitted and there is no time limit if no tax return is filed.
– Medical bills and cancelled insurance policies.
– Records for the sale of a house.
– Records for the sale of stock.
– All documentation that relates to your tax return: cancelled checks, utility bills, credit card receipts, bank statements.
– Annual Investment statement.
What to keep for 7 years:
– Records of satisfied loans.
What to keep while active:
– Contracts
– Insurance Documents
– Stock Certificates
– Property Records
– Stock Records
– Retirement and Pension Plan records
– Disputed Property Tax records
– Home improvement records
What to keep forever:
– Marriage licenses
– Birth certificates
– Wills
– Death certificates
– Adoption records
– Paid mortgage records
Items to store in a fire resistant safe or safe deposit box:
– Birth/Adoption certificates
– Passports
– Marriage certificate
– Divorce decree
– Death certificate
– Military records
– Diplomas
– Religious certificates
– Social Security Cards
– Life Insurance/Disability policies
– Will/Living will
– Durable Power of Attorney
– Living/Family Trust
– Funeral Arrangements
– Pet Registrations
– Appraisals
– Credit Reports
– Banking information
– Stock Certificates
– Tax Returns
– Property Deeds
– Home Inventory/Photos
– Auto Titles
– Lease information
– Pins and passwords
– Front and back copies of credit cards
