how long do we keep our?

@amadeo (34074)
United States
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
14 people like this
15 responses
@Corbin5 (50693)
• United States
20 Apr
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.
1 person likes this
@amadeo (34074)
• United States
21 Apr
Thank you.A good list.Hope more is reading this.
1 person likes this
@LadyDuck (85723)
• Switzerland
21 Apr
Here is the link to the IRS site where you have the list of how long you must keep records.
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@amadeo (34074)
• United States
21 Apr
@LadyDuckThank you Anna.I hope more people check this out.
1 person likes this
@LadyDuck (85723)
• Switzerland
21 Apr
@amadeo You are welcome Alfredo. You are lucky in the United States we have to keep most of our records for 10 years.
@amadeo (34074)
• United States
21 Apr
@LadyDuck wow!that is a long time there.
1 person likes this
@Happy2BeMe (48834)
• Canada
20 Apr
Here they tell us to keep them at least six years.
@amadeo (34074)
• United States
21 Apr
@Happy2BeMe IRS says three years to keep your tax statement.
1 person likes this
@Happy2BeMe (48834)
• Canada
21 Apr
@amadeo three years isn't bad
@amadeo (34074)
• United States
21 Apr
@Happy2BeMe right I agreed
1 person likes this
@Tampa_girl7 (23606)
• United States
21 Apr
It just depends. Usually 5-7 years.
@amadeo (34074)
• United States
21 Apr
@Tampa_girl7 IRS tell us three years
• Banks, Oregon
21 Apr
Three years seems like the most common amount of time
@amadeo (34074)
• United States
21 Apr
@chrissbergstrom that just about it.I read somewhere IRS three years
@scheng1 (23664)
• Singapore
21 Apr
Fortunately I do not have many papers to keep for tax purposes. The employers submit the income details online to IRAS, and many of us do not have reliefs to claim, so we are on no-filing scheme.
@amadeo (34074)
• United States
21 Apr
@scheng1 Great t here.
1 person likes this
@just4him (64647)
• Green Bay, Wisconsin
21 Apr
I was told 7 years. That was many years ago. I wonder if the time limit has changed.
@amadeo (34074)
• United States
21 Apr
@just4him time has changed.IRS three years
• Midland, Michigan
21 Apr
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.
@amadeo (34074)
• United States
21 Apr
@MarshaMusselman Three years on the Tax statement.Not sure about the others.
@teamfreak16 (22357)
• Manitou Springs, Colorado
20 Apr
I've never kept that stuff, honestly.
@amadeo (34074)
• United States
21 Apr
@teamfreak16 I see.It is a big pain to keep stuff.
1 person likes this
@shivamani10 (6956)
• Hyderabad, India
20 Apr
I preserve them. Here in India, it is safe to make a record of everything and preserve thing without any limit.
@amadeo (34074)
• United States
21 Apr
@sivasubrahmanyam nice there.
1 person likes this
• Redlands, California
20 Apr
We keep all our stuff for many years, at least 5 I would say. Always hard to throw that stuff out even though I normally want to throw them out the very next day. I hate looking at that stuff and they clutter the house. lol
@amadeo (34074)
• United States
21 Apr
@crossbones27 yes,same here this is a pain.
1 person likes this
@dragon54u (29824)
• United States
20 Apr
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!
@amadeo (34074)
• United States
21 Apr
@dragon54u That is a good idea there.Good for you
1 person likes this
@1hopefulman (13659)
• Canada
22 Apr
Here, the law is 6 years and so that's what I do. Anything after 6 years goes in the garbage.
@paigea (17916)
• Canada
21 Apr
I have been keeping them for 7 years. But only what I think is important. Certain receipts that back up what I claimed on my taxes. When this tear's is done I will through out the oldest one. So the box doesn't get any bigger
• San Jose, California
21 Apr
I've heard from some people to save them for 5 years, but that seems ridiculous to me. I think saving them for 3 years is plenty. I doubt that you'll need them beyond that, even if you got audited.