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Financial Planning / Tax Strategies


Subject:  Re: How long to keep records? Date:  1/7/2013  1:38 AM
Author:  ptheland Number:  117312 of 127749

How long is it necessary to keep:
1. income tax returns

I'd keep those permanently. A lifetime of tax returns shouldn't be more than one file drawer or filing box.

and supporting documents

4 to 7 years, depending on how conservative you want to be with record retention.

2. 401k and IRA records

4 years should be adequate. Except for records showing any after-tax contributions, which should be held until 4 years after the the accounts are emptied. That might make the records permanent if you never drain your IRA/401k accounts.

3. non-tax deferred investment records

4 years after the investment is sold. If you give an investment to someone, give them the related purchase record.

4. home purchase and sale records

4 years after the home is sold.

Others will undoubtedly have differing opinions, which might make sense for your situation.

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