How long do you keep documents for?
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Thread created 01-10-2013 by sard
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+1, all statements are available online nowadays.
How long do you keep documents for?
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Thread created 01-10-2013 by sard
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19 Replies
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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...
How long do you keep documents for?
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Thread created 01-10-2013 by sard
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I dont think common thinking for tax returns is forever... max should be 7 years
http://www.cbsnews.com/8301-505146_162-57410590/how-long-to-keep-your-tax-returns/
How long do you keep documents for?
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Thread created 01-10-2013 by sard
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awesome.
Thanks for the info!
I just need to get a freaking scanner and scan the docs in.
How long do you keep documents for?
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Thread created 01-10-2013 by sard
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The IRS recognizes digitized copies as originals:
http://www.irs.gov/pub/irs-irbs/irb97-13.pdf
SECTION 7. DESTRUCTION AND
DELETION OF ORIGINAL BOOKS
AND RECORDS
This revenue procedure...
How long do you keep documents for?
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Thread created 01-10-2013 by sard
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I've got everything in PDF files now. No clutter and I can keep the documents indefinitely.
Oh and since this is SD, I'll mention that I got my HP Officejet pro 8600 Plus for $99 at Office Max...
How long do you keep documents for?
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Thread created 01-10-2013 by sard
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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,...
How long do you keep documents for?
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Thread created 01-10-2013 by sard
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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...
How long do you keep documents for?
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Thread created 01-10-2013 by sard
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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...
How long do you keep documents for?
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Thread created 01-10-2013 by sard
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While the IRS does accept digital copies, I'd be concerned that they'd claim they were subject to alteration and refuse to accept them.
Not too long ago, my accountant was telling me that he just...
How long do you keep documents for?
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Thread created 01-10-2013 by sard
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The IRS will accept digital copies of documents, we just had an audit for the 2010 tax year using both types of documents for reference. Some of the documents had to be verified, but that was...
How long do you keep documents for?
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Thread created 01-10-2013 by sard
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Welcome to our obscure current tax code and IRS. I, too, wish the IRS was more understandable and transparent.
Not much you can do there with regards to an original hard copy as the original...
How long do you keep documents for?
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Thread created 01-10-2013 by sard
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So you are saying that their policy is to accept digital copies but then turn around and say "these are subject to forgery, we won't accept them". Seems rather disingenuous. What about companies...
How long do you keep documents for?
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Thread created 01-10-2013 by sard
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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...
How long do you keep documents for?
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Thread created 01-10-2013 by sard
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This thread is making me very paranoid... I only keep the previous years tax return. - -
How long do you keep documents for?
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Thread created 01-10-2013 by sard
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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...
How long do you keep documents for?
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Thread created 01-10-2013 by sard
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take phot of each one then distroy
How long do you keep documents for?
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Thread created 01-10-2013 by sard
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19 Replies
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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...
How long do you keep documents for?
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Thread created 01-10-2013 by sard
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I don't keep any statements as I only bank with companies that are paperless. I can always recall them later.
How long do you keep documents for?
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Thread created 01-10-2013 by sard
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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...
