how long do we keep our?
April 20, 2017 3:38pm CST
Good afternoon.Not a bad day . How long do we keep:our tax papers,Medicare reports,bank statement etc. I am tired of the of all the papers I get though the mail. Some I gone paperless.Some I have not. Medicare with all the paper and repeated paper of the same ole stuff. The tax people told me three years and throw them out? I have papers dated back when.After three years or more.They are out of here. How long do you keep your statement,etc. Photo public
17 people like this
• United States
I had to look that up at IRS.gov since my husband does our taxes and I do know he keeps them for many years. Keep records for 3 years if situations (4), (5), and (6) below do not apply to you. Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction. Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return. Keep records indefinitely if you do not file a return. Keep records indefinitely if you file a fraudulent return. Keep employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.
Here is the link to the IRS site where you have the list of how long you must keep records.
• Midland, Michigan
I run a business and I know that I need to keep my stuff seven years, but I don't keep a copy of my bills or personal bank statements at all just the business related stuff. Do you have a tax person that does your taxes each year? If so, they would be the one to ask. I was actually thinking if was seven years for everyone not just business owners, but I've been a business owner for so long now that I don't remember for sure. Even if it's seven, you'd only have to keep the papers that show your deductions if you itemize them to get more back. You don't need to keep everything sent to you. And, most banks can retrieve the statements if they are needed later on.
• United States
I keep them much longer, I'm afraid to throw them away! My ex has a good system, though. He takes photos of receipts, tax returns, and other important things then uploads them to his computer. Then he adds them to a flash drive that he keeps in a fireproof safe. Any time he needs to he can retrieve a paper, document, receipt or whatever and print it out. No more paper! If I had a camera or a scanner I would certainly do that! I would be rid of a couple of boxes of papers. I still keep a documents box full of my divorce papers from 2005-2006. My attorney destroys his copy of stuff after a year and I'm afraid I'll need them for some reason. I'd love to copy them and then throw them away!