Forum Thread

Record keeping - paper copies

Dr. J 25,032 3,353 December 16, 2015 at 06:23 PM in Office & School Supplies (2)
Deal
Score
0
1,397 Views

Thread Details

Going through the file cabinet again - went through it 5 years ago when I got a NeatDesk, but I am finding old tax records in addition to property purchase/sale stuff. I know many people say 7 years for tax records but what about the property info? That stuff is very bulky.

My plan was to scan it all and store as PDF and ditch the paper copies unless there is a good reason to keep them (even for properties sold).

Heck, even the tax documents are mostly electronic anyway - a folder for a tax year might contain a couple W2's and misc 10XX as most record distribution (including tax filing) is online/PDF already.

2 Comments

1

Sign up for a Slickdeals account to remove this ad.

#2
Quote from Dr. J View Post :
Going through the file cabinet again - went through it 5 years ago when I got a NeatDesk, but I am finding old tax records in addition to property purchase/sale stuff. I know many people say 7 years for tax records but what about the property info? That stuff is very bulky.

My plan was to scan it all and store as PDF and ditch the paper copies unless there is a good reason to keep them (even for properties sold).

Heck, even the tax documents are mostly electronic anyway - a folder for a tax year might contain a couple W2's and misc 10XX as most record distribution (including tax filing) is online/PDF already.
Keep in your Safe-deposit box

Wills and other Estate planning throw out old after updating
Life insurance Never throw out unless term is up
Vehicle titles Pitch when you sell
Savings bonds Cash in at maturity

Keep at home

Bank deposit slips Throw out when you reconcile statement
Checking/Savings statements Throw out 1 year unless support tax deductions
Credit card bills Pitch after you pay them or after 7 years if supporting tax filings
Loan documents Pitch when loan paid off. Keep discharge notices
Pay stubs throw out after reconcile with W2
401, IRA/investment statements Shred monthly or 1/4 statements when new ones arrive, keep annuals until you sell
Receipts pitch when warranty expires or 7 years if supporting tax deductions
Household warranties pitch when they expire
SS statements pitch when you get a new one
Tax returns 7 years
Reply Helpful Comment? 0 0
for those that hate spelling mistakes www.walmarts.comCool

bulb save money by checking your insurance every 2 years (and not every 20)
Joined Nov 2005
L10: Grand Master
25,032 Posts
3,353 Reputation
Original Poster
Pro
#3
Frankly, most of that especially the second list is all electronic to begin with except maybe initial loan documents (monthly statements are of course electronic).

The IRS treats copies as originals [irs.gov] and their site says 3 years records for most people [irs.gov]. As I said just about the only thing I get come tax time that's not offered simultaneously electronically is W2's - everything else is all available electronically - what am I going to do, print it out and put it in a folder just because?

I have a hybrid system of Neat (mostly for receipts and physically scanned stuff) and file folders (anything that's already electronic like CC & bank statements, etc), mostly because I don't want to bloat the Neat DB with stuff that's easy to file and keep track of to begin with.
Reply Helpful Comment? 0 0
Page 1 of 1
1
Join the Conversation
Add a Comment
 
Copyright 1999 - 2016. Slickdeals, LLC. All Rights Reserved. Copyright / Infringement Policy  •  Privacy Policy  •  Terms of Service  •  Acceptable Use Policy (Rules)  •  Interest-Based Ads
Link Copied to Clipboard