How Long Should I Keep It?
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 finra.org.
• 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.
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Securities and advisory services offered through
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The opinions voiced in this material are for
general information only and are not intended to
provide specific advice or recommendations for
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.