Skip to main content
Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
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.
Print the post  

Announcements

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.