Keep or Shred? What To Do with Important Documents

shredded documentsInspired Financial will host its biennial Shred Party on Saturday, April 14, 2018 from 11:00 am to 2:00 pm.  We have prepared a list of items and timeline to help you decide on what important documents to keep and for how long.

Keep for less than 1 year

  • Sales receipts for minor purchases (keep until you reconcile them with your bank statement, then shred)
  • Utility bills
  • Bank deposit slips
  • Checks that you have deposited with your phone

Keep for 1 year

  • Expired Insurance records
  • Monthly mortgage statements
  • Paycheck stubs

Keep for 7 years

  • W-2 forms
  • 1099 forms
  • Medical bills and medical claims
  • Bank statements (if you bank online, you may be able to retrieve the statements online)
  • Supporting documents and receipts used to file your tax returns such as charitable donation receipts, medical receipts, property tax bill, etc.
  • Disability records
  • Cancelled checks
  • Annual tax returns (except see below)

Keep forever

  • Annual tax returns if you are depreciating real property or had a complex transaction that year such as a 1031 exchange
  • Current Estate Planning documents
  • Deeds, mortgage and bills of sale
  • Home improvement receipts
  • December statements for your investment accounts (these can be retrieved on your online portal)
  • Car titles
  • Receipts for major purchases for warranty and insurance purposes



Leslie Rea on Linkedin
Leslie Rea
"I strive to provide clients with peace of mind about their financial affairs so they can focus on enjoying a rich and meaningful life.”

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