Skip to main content
Message Font: Serif | Sans-Serif
No. of Recommendations: 6
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.

Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
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.