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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.
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