Personal Documents to Keep For One Year

  • Form W-2
  • Paycheck stubs (reconcile with W-2)
  • Bank statements
  • Canceled checks
  • Monthly & quarterly mutual fund & retirement contributions

    •       Personal Documents to Keep For Three Years

  • Credit card statements
  • Medical bills (in case of insurance disputes)
  • Utility records
  • Expired insurance policies

    •       Personal Documents to Keep For Seven Years

  • Supporting documents for tax returns
  • Accident reports and claims
  • Medical bills (if tax related)
  • Property records/improvement receipts
  • Sales receipts
  • Wage garnishments
  • Records related to bad debt deduction/loss for worthless securities
  • Other tax related bills

    •       Personal Documents to Keep Forever

  • CPA Audit records
  • Legal records
  • Important correspondence
  • Income tax returns
  • Income tax payment checks
  • Investment trade confirmations
  • Retirement and pansion records

    •       Special Circumstances

  • Auto records (keep untile the vehicle is sold)
  • Credit card receipts (keep with your credit card statements)
  • Insurance policies (keep for the life of the policy)
  • Mortgages/leases/deeds (keep for 6 years beyond the agreement)
  • Pay stubs (keep until reconciled with your W-2)
  • Property records/improvement receipts (keep until property sold)
  • Sales receipts (keep for life of the warranty)
  • Stock and bond records (keep for 6 years beyond selling)
  • Warranties and instructions (keep for the life of the product)
  • Other bills (keep until payment is verified on the next bill)
  • Depreciation schedules and other capital asset records
          (keep for 3 years after the tax life of the asset)

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