How long do you keep documents for?

I dont think common thinking for tax returns is forever... max should be 7 years

http://www.cbsnews.com/8301-50514...x-returns/

I keep tax records forever, simply because I have the space.

How do I have the space? EVERYTHING else (except for maybe home purchase paperwork, etc) is electronic. I am paperless for everything, and stuff that I can't have paperless, I have a NeatDesk. I tossed out 2 4-drawer file cabinets a couple years ago after getting the Neat.

I don't keep any statements as I only bank with companies that are paperless. I can always recall them later.

Quote from tennis8363 : I don't keep any statements as I only bank with companies that are paperless. I can always recall them later.

+1, all statements are available online nowadays.

Tax returns and related documents (W-2, 1099, medical / business receipts, etc) should be kept for 7 years. I kept bank and CC statements for ~6 months (would usually shred twice a year). Other things (leases and now mortgage documents, etc) would be on a case-by-case basis, but at least long enough for any outstanding issues (e.g., security deposit being returned) to have been resolved.

I've since gone to mostly digital format, so everything is downloaded as PDFs when possible. Medical receipts are scanned to PDF as well (no NeatDesk, just a regular scanner).

I save pdf versions of all CC bills. Which reminds me, have to download some before I cancel my Amazon card. Tax records, about 7 years I guess. Even manuals, I try to download some of the smaller ones and toss out the paper. I keep the big thick manuals (i.e. camera, TV etc). Even with this, I still have 2 draws full. Not sure when. Oh, tend to keep all the statements for employee stock purchase plan paperwork. In case I sell, I need to dig through to find cost basis.
That said, really need to find back drive for my NAS.

Quote from sard : I have a huge pile of the following documents: Credit Card statements Bank account statements other financial papers These go back many, many years. I know the common thinking is: Tax returns - forever Credit Card statements - 1 year Bank Accounts - 1 year Other Bill statements - 6 months Just wondering how long you all keep various documents for....I need to get rid of mine.

Important docs like tax returns, leases, etc. 10+ years. Not because I do that on purpose but because I'm too lazy to go through a plastic tub and throw away stuff that I no longer need Atleast 7+ years though.

For the other stuff with so much stuff being on-line these days I don't keep it at all, if I even receive it.

Tax docs = forever since who knows when IRS may questions/inquire about things. I don't want to fight with the IRS without all my doc.
Credit card bills, bank statements = 1 yr, after that, just scan download them into pdf and save it on your hard drive and if good at it, burn to DVD every few years.

Rebates = After getting paid, out the door. Have scans of what I submit and check received.

All paperwork going out the door with my name is shred.

take phot of each one then distroy

Which paperwork to keep:
Tax returns, keep forever
Tax return documentation, for seven years
Contracts, forever
Real estate records, forever
Last pay stub of a job if you leave that job
Last pay stub of the year until you reconcile it with your W-2
All mortgage payment checks (statements), until mortgage is paid off
All student loan payments, until loan is paid off
Car loan payment stubs, until the car is paid off
Cancelled checks, for 7 years
Bank deposit slips, until you reconcile your statements
Bank statements, until a calendar year; store with tax returns if they will be used to prove deductions
Home improvement records, ownership period plus 7 years
Investment records, shred monthly and quarterly statements as new ones arrive; hold on to annual statements until you sell the investments

Which records to toss:
Credit card statements that are more than three years old
Past insurance statement
Old utility bills, except the most recent one from your old address if you've moved
Recently paid bills (statements), once you have something saying they've been paid

Regarding how long to keep tax returns, it is a good idea to keep them forever. Here's why: Generally, there is no time limit as to how far back the IRS and states' revenue departments can go to charge you with failure to file. States are starving for money and some have gone back as far as 30 years to try to find lost money. A copy of your return will be your proof that you did, in fact, file a return that year.

Also, solely relying on electronic statements is risky. Bank of America, JPMorgan Chase, Citigroup, U.S. Bank, Wells Fargo, and PNC all just suffered a cyber attack from the Middle East last year. Credit card companies and stock market exchanges were also targeted. Financial institutions are not immune to cyber attacks. In the event of a catastrophic data breach at your bank, a hard copy paper statement will be your best proof of how much money you had on deposit. If it costs more money to receive paper statements (some companies charge more for paper statements), simply print out the electronic statement and keep them in a safe place. This simple, cheap protection could save you plenty of headache, hassle, stress, time, and, potentially, money some day.

awesome.
Thanks for the info!

I just need to get a freaking scanner and scan the docs in.

This thread is making me very paranoid... I only keep the previous years tax return. - -

Quote from sard : awesome. Thanks for the info! I just need to get a freaking scanner and scan the docs in.

I would skip the extra expense and time and simply file the papers away in a safe place. There's nothing wrong with having an electronic image as a backup, but I wouldn't solely rely on it as some organizations (namely the IRS) will want to see paper documentation rather than simply a picture.

Keeping all the appropriate paperwork doesn't take up that much space at all and it would buy you peace of mind should you ever need it.