Income
tax returns and supporting documents.
Keep at least 4 years and preferably
6 if space is not critical.
Once this period has elapsed, the
documents can be discarded, but the
returns themselves, which do not take
much space, should probably be retained
indefinitely.
Retirement
plan contributions. Records
of non-deductible IRA deposits,
employer plan stock purchased, rollovers,
and Keogh plan deposits should be
kept until 4 years after the plan
assets have been withdrawn.
Depreciation
records. For any rental
real estate or depreciable business
property you own, keep records of
the property's cost, date acquired,
and schedule of depreciation claimed
in previous years. This record
should be kept until 4 years after
the property is disposed of.
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Personal
records. Important papers
such as estate and gift returns, divorce
and property settlement agreements,
deeds, title insurance policies, and
all trust documents should be kept
in a permanent file, or perhaps safe-deposit
box.
Residential
property records. All
escrow statements (purchase and
sale) plus receipts for improvements
should be kept for at least 4 years
after property is sold.
(Including refinance pepers)
Purchase
receipts for stocks, bonds, and
mutual funds. These should
also be kept for at least 4 years
after the asset is sold. This
would include record of stock dividends,
splits, and reinvested dividends.
Miscellaneous
papers. All other documents
to include bank statements, canceled
checks, credit card statements,
deposit slips, charitable contribution
receipts, and medical bills can
be discarded after 4 years.
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