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Author: mawhinney Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 19257  
Subject: How long to save financial records? Date: 3/30/2012 8:23 PM
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In the past it was recommended that we keep financial papers and tax records for 7 years. I recently heard that after 3 years financial and tax records should be destroyed. How long do you hold on to financial records & tax reports?
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Author: telegraph Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 17635 of 19257
Subject: Re: How long to save financial records? Date: 3/30/2012 9:21 PM
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If you are accused of fraud, the IRS can go back 7 years.

Otherwise, just 3.


t.

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Author: TwoCybers Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 17636 of 19257
Subject: Re: How long to save financial records? Date: 3/30/2012 9:35 PM
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I am not a tax person or a lawyer, but I do know that using 3 or 7 or any other specific number is not the answer. It depends on the records. Some records with regard to realestate need be kept until after you sell the property. In the case of records showing your purchase price, stock dividends, etc. need be kept until a period of years after the investment is sold.

Get professional advice - from someone who knows the law in your state. Probably a tax person is a good place to start.

Gordon
Atlanta

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Author: pauleckler Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 17637 of 19257
Subject: Re: How long to save financial records? Date: 3/31/2012 3:39 PM
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When I file my taxes, the file folder containing all the documentation including 1099, tax bookets for some investments, etc, etc, is often 1" thick.

I agree that major investments like real estate require that you keep records as long as you own the property and probably for 7 years after you sell.

Generally my practice is to weed my tax file down to copies of returns and the most basic documentation after 7 years.

But other records like bankstatements/checks, broker statements, utility bills, and credit card bills are problematic. They do come in handy for the most obscure reasons to prove ownership, document value, establish time of ownership, etc. My preference is to weed these files rather than simply toss them.

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Author: FlyingDiver Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 17638 of 19257
Subject: Re: How long to save financial records? Date: 3/31/2012 4:04 PM
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PDF documents take up very little room. Scan it all then shred the originals.

joe

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Author: mendomann Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 17639 of 19257
Subject: Re: How long to save financial records? Date: 3/31/2012 5:46 PM
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PDF documents take up very little room. Scan it all then shred the originals.

And be sure you have a backup copy. A flash-drive should do it.

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Author: FlyingDiver Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 17640 of 19257
Subject: Re: How long to save financial records? Date: 3/31/2012 6:43 PM
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My documents archive directory is saved on four drives, I think. My computer, it's TM backup, and at least 2 drives in the Drobo.

OTOH, they're all in the same place, more or less. I really do need to add a cloud backup service.

joe

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Author: CountUptotenII Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 17641 of 19257
Subject: Re: How long to save financial records? Date: 4/1/2012 1:36 AM
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I wouldn't gladly make pdf files of all my tax records. Even wit ADF, it would be very time consuming. I wonder if my CPA would share her files?

Count Uptoten

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Author: StockGoddess Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 17642 of 19257
Subject: Re: How long to save financial records? Date: 4/1/2012 9:54 AM
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Didn't people expect the Clintons to have records that were 17 years old during the whitewater thing?

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