Quick Answer: What Paper Records Do I Need To Keep?

Should I keep old bills?

Most experts suggest that you can shred many other documents sooner than seven years.

After paying credit card or utility bills, shred them immediately.

After one year, shred bank statements, pay stubs, and medical bills (unless you have an unresolved insurance dispute)..

How long should you keep bills before shredding?

One yearBills: One year for anything tax or warranty related; all other bills should be shred as soon as they have been paid. Credit card bills: Shred immediately when paid. Home improvement receipts: Keep until the home is sold. Investment records: Seven years after you’ve closed the account or sold the security.

What paper records should I keep?

How long should you keep documents?Store permanently: tax returns, major financial records. … Store 3–7 years: supporting tax documentation. … Store 1 year: regular statements, pay stubs. … Keep for 1 month: utility bills, deposits and withdrawal records. … Safeguard your information. … Guard your financial accounts.More items…

Should you keep old mortgage papers?

As a rule of thumb, you should keep all of the contract papers detailing your home purchase and original loan for the life of the loan. And sometimes longer. … Any improvements you’ve made on your house, as well as expenses when selling it, are added to the original purchase price.

What papers to save and what to throw away?

When to Keep and When to Throw Away Financial DocumentsReceipts. Receipts for anything you might itemize on your tax return should be kept for three years with your tax records.Home Improvement Records. … Medical Bills. … Paycheck Stubs. … Utility Bills. … Credit Card Statements. … Investment and Real Estate Records. … Bank Statements.More items…•

Should I keep old medical records?

If that’s the case, keep these records for three years. Medical bills: You’ll likely receive physical copies of these bills in the mail. They might also appear on your online insurance account. Keep the physical copies, and make duplicates if you need them.

How many years should I keep?

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.

How long do paper records need to be kept?

To be on the safe side, McBride says to keep all tax records for at least seven years. Keep forever. Records such as birth and death certificates, marriage licenses, divorce decrees, Social Security cards, and military discharge papers should be kept indefinitely.

What are the four must have documents?

Four key estate planning documents that everyone should have in placeA will. What is a will? … An enduring power of attorney (EPOA) What is an enduring power of attorney? … An appointment of medical treatment decision-maker. What is a medical treatment decision-maker? … An advanced care directive (ACD)

How do you prove your house is paid off?

Documents that may be released after paying off your home:A statement showing that your balance is paid in full.Your canceled promissory note.A certificate of satisfaction.Your canceled mortgage or deed of trust.

Should you keep tax returns forever?

According to the IRS, individual taxpayers should keep returns for three to six years. Non-filers and fraudsters should keep their records forever.