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Financial Planning / Tax Strategies


Subject:  Re: How long to keep records? Date:  1/7/2013  7:37 AM
Author:  irasmilo Number:  117314 of 127634

Investment accounts, whether retirement or taxable, yield incredible amounts of paper in the form of statements. They serve only one useful purpose IMO. You should check to make sure nothing hinky is going on. Having done that review, I'd pitch it. If you do this online you never have paper. If you're getting paper statments, you keep the current one only until you get the next one.

I'm going to disagree with Phil on this one. Although things are getting better with increased types of 1099-reporting, there are still tax related transactions which can appear on monthly statements and nowhere else: investment interest, investment expenses and certain corporate reorganization transactions. Many brokers are now providing annual summary statements that document these, but not all do. To the extent that any of these transactions are relevant to a taxpayer's situation, I would keep those statements on the standard retention schedule.

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