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    April 27, 2017

    Household Record Keeping

    April is Records Retention Month! Do you know how long you should retain certain household records? If not, below is a quick “cheat sheet” to help ensure you are keeping what you need for as long as you need.


    Household Record Keeping

    Keep for 1 month:

    • ATM printouts (keep for the purpose of balancing your check book)

    Keep for 1 year:

    • Paycheck stubs (compare to W2 and social security statements)
    • Utility bills (unless using for a deduction, like home office, then for 3 years)
    • Cancelled checks (unless needed for tax purposes, then 3 years)
    • Credit card receipts (unless needed for tax purposes, then 3 years)
    • Bank statements (unless needed for tax purposes, then 3 years)
    • Quarterly investment statements (hold to compare to annual statement)

    Keep for 3 years:

    • Income tax returns (remember that you may be audited by the IRS for no reason up to 3 years after you filed a tax return. If you omit 25% of your gross income that goes up to 6 years and if you don’t file at all, there is no statute of limitations)
    • Medical bills and Cancelled Insurance Policies
    • Records of Selling a House
    • Records of Selling a Stock
    • Receipts, Cancelled Checks & other documents that support income/deduction on your Tax Return
    • Annual Investment Statement (keep 3 years after you sell the investment)

    Keep for 7 years:

    • Records of Satisfied Loans

    Keep While Active:

    • Sales receipts – keep until warranty expires or return/exchange window expires (unless needed for tax purposes, then keep for 3 years)
    • Contracts
    • Insurance Documents
    • Stock Certificates and Records
    • Property Records
    • Property Tax Records Disputed Bills (keep until dispute is resolved)
    • Home Improvement Records

    Keep Forever, preferably in a safe place:

    • Marriage Licenses
    • Birth Certificates
    • Wills
    • Adoption Papers
    • Death Certificates
    • Records of Paid Mortgages

    **Courtesy of Suze Orman. Learn more here

     
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