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I owned two stocks, specifically, BUD and WWY, that were taken private and I was issued a check for their worth. My question is, do I need to hang on to the transaction records ( bought them through a DRiP) for any length of time, or can I trash them?

You need to keep the records for as long as they remain pertinent to a tax return which is subject to audit. For federal returns, that's generally three years from the filing or due date (whichever is later), six years if there is a question of substantial underreporting of income on the return. Most tax professionals will suggest adding a year so that you don't inadvertently discard the records prematurely.

Some states have longer statutes of limitations (CA is four years), so check your state's rules as well.

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