Individual Record Retention Guidline

 

BANK STATEMENTS AND CANCELED CHECKS ~ Three Years

CHARITABLE CONTRIBUTIONS ~ Keep with applicable tax return

CREDIT CARD PURCHASE RECEIPTS ~ Discard after purchase appears on credit card statement if not needed for warranties, merchandise returns or taxes.

CREDIT CARD STATEMENTS ~ Discard after payment appears on credit card statement.

EMPLOYEE BUSINESS EXPENSE REPORTS ~ Keep with applicable tax return.

INCOME TAX RETURNS ~ Permanently

INVESTMENT SALE & PURCHASE CONFIRMATION RECORDS ~ Discard sale confirmation records when the transactions are correctly reflected on the monthly statement.  Keep purchase confirmation records three to six years after the investment is sold as evidence of cost.

MEDICAL EXPENSE RECORDS ~ Keep with applicable tax return if deducted.

INDIVIDUAL RETIREMENT ACCOUNT RECORDS ~ Permanently

RETIREMENT PLAN STATEMENTS ~ Three to six years.  Keep year-end statements permanently.

REAL ESTATE DOCUMENTS ~ Keep three to six years after property has been disposed of and taxes have been paid.

WILL ~ Keep current Will permanently.  Keep until rendered obsolete (by a new version).

 

* These Record Retention Guidelines provide a general guideline for the retention of many records, but the specific holding periods for any record retention policy should be given careful scrutiny by management and legal advisers in light of any pending investigators, regulated industry requirements or contract covenants.