RECORD RETENTION GUIDE FOR INDIVIDUAL

We have compiled a list of the most common tax and financial records that an individual may need to keep and guidelines for how long the records should be retained. The information contained in this site is of a general nature and may not be applicable to you.

Keep One Year

While it’s important to keep year-end mutual fund and IRA contribution statements forever, you don’t have to save monthly and quarterly statements once the year-end statement has arrived.

Keep Three Years

Credit Card Statements
Medical Bills (in case of insurance disputes)
Utility Records
Expired Insurance Policies

Keep Six Years

Supporting Documents For Tax Returns
Accident Reports and Claims
Medical Bills (if tax-related)
Property Records / Improvement Receipts
Sales Receipts
Wage Garnishments
Other Tax-Related Bills

Keep Six Years

Supporting Documents For Tax Returns
Accident Reports and Claims
Medical Bills (if tax-related)
Property Records / Improvement Receipts
Sales Receipts
Wage Garnishments
Other Tax-Related Bil

Keep Permanently

CPA Audit Reports
Legal Records
Important Correspondence
Income Tax Returns
Income Tax Payment Checks
Investment Trade Confirmations
Retirement and Pension Records

Special Circumstances

Car Records (keep until the car is sold)
Credit Card Receipts (keep until verified on your statement)
Insurance Policies (keep for the life of the policy)
Mortgages / Deeds / Leases (keep 6 years beyond the agreement)
Pay Stubs (keep until reconciled with your W-2)
Property Records / improvement receipts (keep until property sold)
Sales Receipts (keep for life of the warranty)
Stock and Bond Records (keep for 6 years beyond selling)
Warranties and Instructions (keep for the life of the product)
Other Bills (keep until payment is verified on the next bill)
Depreciation Schedules and Other Capital Asset Records (keep for 3 years after the tax life of the asset)

RECORD RETENTION GUIDE FOR INDIVIDUAL

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