How Long Should I Keep Important Documents?

HOME (RE) ORGANIZATION DOCUMENTS TO KEEP AND DOCUMENTS TO PITCH HOW LONG SHOULD I KEEP... 14 TO 30 DAYS 1 YEAR 4 YEARS AS NEEDED FOREVER RECEIPTS FOR ITEMS YOU MAY RETURN Until return period has ended or item is destroyed BILL PAYMENT TAX RETURNS CREDIT CARD REAL ESTATE HOUSEHOLD At least three years DEEDS As long as you own the property INVENTORY Update as neoded RECEIPTS RECORDS Until paid, unless needed to support tax filings BANK STATEMENTS SOCIAL SECURITY STATEMENT 1 year, unless needed to support tax filings BIRTH CERTIFICATES When you receive the new statement, shred the old one INVESTMENT BILLS AWAITING HOME PURCHASE CERTIFICATES MARRIAGE Until you cash or sell the item PAYMENT AND LICENSES You should pay them INVESTMENT IMPROVEMENT STATEMENTS PAY STUBS RECORDS DIVORCE DECREES Only until W2 has been reconciled As long as you own the property LARGE APPLIANCES Shred monthly statements; keep annual statements until you sell the investments OR EXPENSIVE PASSPORTS ITEMS THAT ARE UNDER WARRANTY EDUCATION BUDGET AND RECEIPTS FOR Keep for length of RECORDS RECONCILING DATA Update when needed LARGE PURCHASES Until you sell or discard the item warranty MILITARY SERVICE INSURANCE (CAR, НОМЕ, ЕТС.) LOAN RECORDS Until you renew DOCUMENTS SERVICE LIFE INSURANCE the policy Until you sell CONTRACTS AND the item the loan WARRANTIES was for SOCIAL SECURITY HEALTH BENEFIT INFORMATION Until you sell or discard the item CARD SAFE DEPOSIT BOX INVENTORY AND KEY WILL Until updated, or used EXPENSE VEHICLE TITLES & REIMBURSEMENTS MAINTENANCE RECORDS AUTO Until you sell or dispose of the car All receipts related to maintenance FAMILY HEALTH RECORDS CREDIT CARD CONTRACTS INFORMATION Until updated KEEP THESE TAX DOCUMENTS H CHARITABLE FORMS STATEMENTS EXPENSES INTEREST DONATIONS FORM(S) K-1 BANK STATEMENTS NON-REIMBURSABLE CHARITABLE MORTGAGE INTEREST WORK EXPENSES DONATIONS FORM(S) W-2 BROKERAGE MONEY/ITEMS STUDENT LOAN STATEMENTS HOMEOWNER INTEREST FORM(S) 1099 EXPENSES MUTUAL FUND INVESTMENT FORM(S) 2439 STATEMENTS CASUALTY OR INTEREST THEFT LOSSES RETIREMENT FORM 2119 CONTRIBUTIONS GAMBLING LOSSES (if you sold a home before 1998) CUSTODIAL FEES STATE/LOCAL/ FOREIGN INCOME EDUCATION TAXES THE IRS REMINDS YOU: "IF YOU PLAN TAX PREP COSTS TO FILE A FRAUDULENT RETURN, KEEP RECORDS INDEFINITELY" WHAT TO KEEP IN A SAFE DEPOSIT BOX SHOULD YOU GO PAPERLESS? MARRIAGE CERTIFICATES DEATH CERTIFICATES OF FAMILY In 2006, 19 billion bills - 533 million pounds of paper - were delivered to American households [U.S. Postal Service]. It requires an estimated 235 million gallons of fossil fuels to transport this much paper, result- ing in more than 1.3 million tons of CO2 emissions. BIRTH CERTIFICATES AUTOMOBILE TITLES ADOPTION PAPER SERVICE PAPERS Almost 85% of identity theft cases are the result of "offline" transactions, e.g., lost checkbooks and stolen bills, statements, and check payments. [Javelin Strategy & Research] CITIZENSHIP RECORDS LEASES -85% DIVORCE OR OTHER CONTRACTS LEGAL PAPERS REGARDING DISSOLUTION OF MARRIAGE NOTES EVERY YEAR, PAPER CHECKS USE MORE THAN 674 PAPERS THAT SERVE AS WILL MILLION GALLONS OF FUEL AND ADD MORE THAN PROOF OF OWNERSHIP SUCH AS DEEDS FOR REAL ESTATE 3.6 MILLION TONS OF GREENHOUSE GASES TO THE ENVIRONMENT. PATENTS AND COPYRIGHTS MORTGAGE PAPERS By switching to electronic bills, statements, and payments, the average American household can save these resources in one year: 6 POUNDS OF PAPER 23 POUNDS WHAT IS YOUR ORGANIZATIONAL STYLE? OF WOOD [Project Performance Corp) THE CLASSIC THE TECHIE SAVE THE TREES $69.99 Two drawer steel file cabinet Use a service like EVERNOTE to scan and store your paperwork digitally. $6.99 Box of manila folders 20% $4.99 Box of labels If 20% of households switched to electronic bills, statements and payments, 1.8 million trees would be saved each year + $49.56 Box of hanging folders $131.53 SOURCES http://ftc.gov/bcp/edu/pubs/consumer/products/pro17.shtm http://www.bankrate.com/finance/auto/stuff-car-servicing-receipts-in-glove-box.aspx http://www.kiplinger.com/columns/ask/archive/2001/q1101.htm http://ftc.gov/bcp/edu/pubs/consumer/products/pro17.shtm http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/How-long-should--keep-records%3F http://www.kristensguide.com/Money/documents_to_save_tax_deduction.asp http://www.usa.gov/Topics/Money/Personal-Finance/Managing-Household-Records.shtml http://www.usatoday.com/money/perfi/columnist/block/2005-04-18-tax-documents_x.htm http://www.hrblock.com/taxes/tax_tips/tax_planning/recordkeeping.html?ttiptitle=Recordkeeping http://www.bankrate.com/brm/itax/Edit/News/Stories/news_071900a.asp http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/How-long-should-l-keep-records%3F http://www.livestrong.com/article/213041-how-long-should-you-keep-receipts-bills/ http://www.livestrong.com/article/213041-how-long-should-you-keep-receipts-bills/ http://www.livestrong.com/article/213041-how-long-should-you-keep-receipts-bills/ http://publications.usa.gov/epublications/keeprecords/keeprecords.htm http://blogs.hrblock.com/2012/04/13/using-evernote-to-organize-tax-documents/ http://www.payitgreen.org/consumer/FAQ.aspx http://www.safeware.com/GoneGreen.aspx http://www.officedepot.com/ H&R BLOCK NEVER SETTLE FOR LESS" www.hrblock.com f www.facebook.com/hrblock www.usa.gov Created by oBizMedia.com