How long should you keep your tax returns before they become just more junk? What about your credit card bills? Charitable deductions? Will those jackbooted thugs working for the Goodwill come looking after you if you put your charitable deductions receipts into the shredder two years after you did what Ayn Rand says is a sin: helped people poorer off than yourself? Good question. Here are the rounded answers according to various sources.
How long should you keep your tax returns?
The good folks down at the Internal Revenue Office recommend that you keep your tax returns only six years after the date you filed your tax returns even though they can hunt you down like Dick Cheney hunting down fellow quail killers for as long as you live because there is no statute of limitations when it comes to tax investigation.
How long should you keep your charitable deduction paperwork?
Well, we’re basically talking about tax deductions here, aren’t we? So the answer is the same as with tax returns: six years.
How long should you keep credit card statements?
Tricky one. Everybody should–though most people don’t–check their credit card bills when they come in to make sure they were charged correctly and that there are no duplicates. As soon as you make sure the credit card statement is jake, you can feel free to shred it. UNLESS. Unless, that is, you are self-employed and there are charges on your credit card statement that you plan to use for tax deduction purposes. In which case you should save your credit card statements for, you guess it, six years.
How long should you keep investment records?
This presents a weird kind of situation. You should keep all monthly investment records until the end of the year if you receive a yearly statement. If that is the case, then shred all the monthly reports. If your investment tracking does not receive a yearly report, then you should keep on monthly or quarterly reports until you relieve yourself of investment in question. Be sure to keep all paperwork involving trading action for a few years just in case the IRS comes around and wants to get a peek at what you’ve been doing with your money.
Property and House Records.
All those papers that you signed when you bought the house as well as home improvement receipts and tax bills need to be kept for as long as you live inside the home. If you move to another place, you should keep those records for another seven years in case something goe