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Author: aj485 Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 309252  
Subject: Re: keeping paperwork.. Date: 12/4/2011 8:31 AM
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What is the recommended time to keep paperwork such as banking, taxes, old bankruptcy papers?

Banking records - depends on what they involve. If they are being used to document, say, improvements to a home that you still own, and you will make enough money to need to justify the basis in the house to exclude capital gains, you need to keep those records for as long as you keep the tax records for the year you sell the house. If the bank records are being used to justify other tax items, again - as long as you keep the tax records for that year. If the bank records don't have any tax implications, at least as long as you feel comfortable that any other issues (proof of purchase for warranties, credit card disputes, proof of any other payments, etc.) have been resolved.

Tax records - the IRS generally has 3 years after the return is filed to audit, unless they have found a 'substantial error', in which case they can go back 6 years. So, to be safe - probably at least 7 years. Here is an FAQ page from the IRS website that may provide you with additional information: http://www.irs.gov/businesses/small/article/0,,id=219636,00....

BK records - collectors have started to resurrect and try to collect on debts that were discharged in BK (google 'zombie debt collection'), so you probably need to keep records showing that any debt that was discharged in the BK 'forever'.

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