Link to Owner Dr. Robert B. Pamplin Jr.



This article brought to you courtesy of Matt Stutes, CFP, Cornerstone Wealth Management, Canby Herald Insider Financial Planning Expert.

Matt Stutes, CFP

With tax season squarely upon us, many people are dusting off their old files and records as they get ready to journey into the tax filing adventure. With so many moving parts to your financial life, it is difficult to know how long to keep documents and when it's safe to get rid of them.

The following is a list of common financial documents and how long you should keep each record, according to

Tax Documents - 7 Years

You should keep all tax-related records for seven years. Your tax

returns are a must save, but good practice would be to save all documents relating to the deductions you claim.

Property Records - 6 Years

If you are a homeowner, it is recommended that you keep all

documents related to the purchase or improvement of your home for at least six years, after selling your home. If you are a renter, rent agreements may be shredded after you have moved out.

Mortgages and Other Loans - Until Paid Off

Keep all documents related to your mortgage and other types of

loans until they are paid off in full.

Bank Records - Once a Year

Here is a personal preference, but keeping your most recent year

end bank statement should suffice. Most banks now have online statements that may be accessed at any time or for any time period.

Credit Card Receipts - Monthly

Once you have confirmed the purchases are accurate on your

current months bill, go ahead and shred those statements. Most

credit card companies have online access to statements as well.

Investment Statements - 7 years

It is good practice to hold your quarterly investments statements throughout the year until your year end summary is available. Retain your year end statements for tax purposes, capital gains and dividends, for at least seven years.


Cornerstone Wealth Management

486 N.W. 2nd Avenue

Canby, OR 97013


Securities and advisory services offered through

LPL Financial, a registered investment advisor.


The opinions voiced in this material are for

general information only and are not intended to

provide specific advice or recommendations for

any individual.

This information is not intended to be a substitute

for specific individualized tax or legal advice. We

suggest that you discuss your specific situation

with a qualified tax or legal advisor.

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