I came across a list of things of documents that you really should keep and for how long. And I thought it would be great to share this with everyone. We all know that the Papers just keep coming, in the mail, from your kids homework, life just generates paper.
- ATM Receipts should be kept until you record htem in your checkbook or if you are me on Quicken
- Paid Utility Bills should be kept for 1 year, (when selling your home, sometimes the buyer will like to see a years worth of bills.
- Bank Statements - 1 year. Course you can pretty much download these from your bank nowadays.
- Medical payment records - 1 year
- Pay Stubs - 1 year
- Cancelled checks that will pertain to your taxes i.e. alimony, charities, mortgage, savings etc. - 7 years
- Credit Card Statements that have charges that are tax deductible - 7 years
- Mortgage Interest - 7 years
- Pay stubs that reflect additional tax deductions - 7 years
- Home loan records - As long as you own the home
- Insurance records - As long as you have the policy
- Deeds, car title,s receipts for major purchases - as long as you have the item.
- Birth Certificates, marriage license, insurance policy information - Forever in a fire proof box or safety deposit box.
- Will, beneficiary documents - Forever in a fire proof box or safety deposit box.
Don't let the paper police catch you without backup.
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