How Long Do I Keep It?

 Record Retention Guidelines for Individuals:

Tax returns (uncomplicated) 7 years
Tax returns (all other) Permanently
W-2s

7 years
1099s 7 years
Cancelled checks supporting tax deductions 7 years
Bank deposit slips 7 years
Bank statements 7 years
Charitable contribution documentation 7 years
Receipts & logs pertaining to tax returns 7 years
Investment purchase and sale slips

Ownership period
+ 7 years
Dividend reinvestment records

Ownership period
+ 7 years
Year-end brokerage statements

Ownership period
+ 7 years
Mutual fund annual statements

Ownership period
+ 7 years
Investment property purchases

Ownership period
+ 7 years
Home purchase documents

Ownership period
+ 7 years
Home improvement receipts & cancelled checks

Ownership period
+ 7 years
Retirement plan annual reports Permanently
IRA annual reports Permanently
IRA nondeductible contributions Form 8606 Permanently
Insurance policies

Life of policy
+ 3 years
(Check with your agent.
Liability for prior years
can vary.)
Divorce documents Permanently
Loan documents Term of loan
+ 7 years
Estate planning documents Permanently

 

 Record Retention Guidelines for Businesses:

Accounting Records  
Accounts payable records 7 years
Accounts receivable records

7 years
Audit Reports Permanently
Chart of Accounts Permanently
Depreciation schedules Permanently
Expense records 7 years
Financial statements (annual) Permanently
Fixed asset purchases Permanently
General Ledger

Permanently
Inventory records

7 years
Loan payment schedules

7 years
Purchase orders

7 years
Sales records

7 years
Tax returns and supporting documentation

Permanently
Bank Records

 
Bank reconciliations 2 years
Bank statements 7 years
Cancelled checks 7 years
Electronic payment records

7 years
Real Property Records  
Construction records Permanently
Leasehold improvements Permanently

Lease payment records

Life of lease
+ 4 years