How long to keep documents

Log in / Sign Up

List of Forums + New Post Recipe Box Usergroups Following My Posts Bookmarks

Private Messages Advanced Search Rules New User Guide FAQ Advertise Contact Us

Forum -> Household Management -> Finances

View latest: 24h 48h 72h

lucky

Mon, Jul 17 2006, 10:42 pm

Specificly bank statements, canceled checks. And when disposing of them, how should I do it?

ny21

Tue, Jul 18 2006, 12:03 am

I think some of those documents should be kept for seven years

happyone

Tue, Jul 18 2006, 12:09 am

I recently had a situation where someone thought I hadnt paid them for a service done 4 years ago. Luckily, I had my checkbook from all the years back, and was able to track the check.

ny21

Tue, Jul 18 2006, 12:17 am

you save them for taxes

lucky

Tue, Jul 18 2006, 9:25 am

I am organizing my parents storage room, and found statements and checks from 1987. Should I just keep the statements and dump the canceled checks?

Anyone know a website where I can find this info?
Some of these documents are from closed accounts and banks that are closed.

chocolate moose

Tue, Jul 18 2006, 10:06 am

you keep taxes forever. receipts, in case of fire G-d forbid.

the rest you can scan and save. your c.c. stuff and bank stuff should be online anyway.

Coke Slurpee

Tue, Jul 18 2006, 1:03 pm

In the weekend edition of the hamodia there is a section called the questioning consumer - where you can send in these type of questions- I also was wondering how long to keep bank, credit card statements and bills, explanation of benefits, etc.

DefyGravity

Tue, Jul 18 2006, 1:13 pm

momoftwins wrote:

I think some of those documents should be kept for seven years

That's what I've heard too.

Coke Slurpee

Tue, Jul 18 2006, 1:17 pm

Great, and I thought I would be able to throw things out, but we are not married long enough Sad

ny21

Tue, Jul 18 2006, 5:43 pm

Defy-
Great minds think alike! Wink

lucky

Wed, Jul 19 2006, 6:56 am

I checked the IRS website. They say 7 years, unless there is a more than 20% dicrepancy in your tax returns.
The FDIC website says 1 year for checks and statements, exept those used for tax deductions , adding assets to your house, buying stocks/bonds, those they recommend keeping longer.

From what I learned on these websites, canceled checks are not strong enough proof in an audit anyway.

My kids had a field day with these tons of things that they shredded. (statements, canceled checks, duplicate checks, check registers, From 1984!)

I'm still not done, there are many more boxes where these came from....

Coke Slurpee

Wed, Jul 19 2006, 10:50 am

Thanx for the info!

mimsy7420

Wed, Jul 19 2006, 11:17 am

If you are disposing of documents - I think after 7 years you can - then its very important you shred every little piece of paper. Identity theft is a very serious business.

shopaholic

Wed, Jul 19 2006, 11:28 am

We have a 12 pocket accordion folder for every year since we got married & we keep them all. Never know when you might need something!

Page 1 of 1