Income tax returns and supporting documents - Keep at
least 4 years and preferable 6 if space is not
critical. Once this period has elapsed, the documents
can be discarded, but the returns themselves, which do
not take much space, should probably be retained
indefinitely.
Residential property records - All escrow statements
(purchases and sale) plus receipts for improvements
should be kept for at least 4 years after property is
sold. (Including refinance papers)
Purchase receipts for stocks, bonds, mutual funds -
These should also be kept for at least 4 years after
the asset is sold. This would include record of stock
dividends, splits and reinvested dividends.
Depreciation records - For any rental real estate or
depreciable business property you own, keep records of
the property's cost, date acquired, and schedule of
depreciation claimed in previous years. This record
should be kept until 4 years after the property is
disposed of.
Retirement plan contributions - Records of non-
deductible IRA deposits, employer plan stock purchased,
rollovers, and Keogh plan deposits should be kept until
4 years after the plan assets have been withdrawn.
Personal records - Important papers such as estate and
gift returns, divorce and property settlement
agreements, deeds, title insurance policies, and all
trust documents should be kept in a permanent file, or
perhaps a safe-deposit box.
Miscellaneous papers - All other documents which
include bank statements, canceled checks, credit card
statements, deposit slips, charitable contributions
receipts, and medical bills can be discarded after 4
years.
