shredded documents

Keep or Shred? What To Do with Important Documents

Inspired 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

 

Source: https://www.daveramsey.com/blog/organizing-your-important-documents

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