The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: How long to keep records?||Date: 1/7/2013 1:38 AM|
|Author: ptheland||Number: 117312 of 121585|
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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