Message Font: Serif | Sans-Serif
 
No. of Recommendations: 2
I agree 7 years is the usual recommendation. But it's also a good idea to keep records of any asset you own from when you originally purchased it. Home ownership records are maybe not so important now that most qualify under the homeowners exclusion, but sometimes that $250K single or $500K married exemption proves too small to cover your gain. Then receipts for home improvements come in handy.

Records of stocks and mutual funds owned can usually be replaced for a fee, but those records are worth keeping as long as you own that stock or fund.

Collectibles like jewelry, antiques, old cars, art, etc, etc, I think you will want to keep records.

Maybe not the mundane utility receipt, but purchase and even maintenance records can come in handy.

Ditto if you had a major loss from a fire or disaster, insurance company wants to know what you had and what it was worth. Records come in handy. (And they always seem incomplete.)
Print the post  

Announcements

When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.