How Long Should I Keep Records?

What papers do I really need to keep?

What Are Important Documents?Legal identification documents.

Social Security cards.

Birth certificates.

Tax documents.

Tax returns.

W-2s and 1099 forms.

Property records.

Vehicle registration and titles.

Medical records.

Wills, powers of attorney or living will.

Finance records.

Pay stubs..

How long should I keep bank statements and utility bills?

Chart: What records to keep, how long to keep themDocumentHow long to keep itCredit card statementsOne monthPay stubsOne yearBank statementsKeep monthly statements for one year. Keep annual statements related to your taxes for at least seven years.Utility and phone billsOne month5 more rows•Mar 15, 2010

How long should you keep bills before shredding?

Utility bills: How long should you keep bills before shredding? If you’re claiming a home office deduction, you should keep utility bills for three years. Otherwise, keep them for one year, then shred them.

Should I keep old medical records?

Regulations & Record Retention Federal law mandates that a provider keep and retain each record for a minimum of seven years from the date of last service to the patient. For Medicare Advantage patients, it goes up to ten years.

How long do you have to keep records for HMRC?

5 yearsYou must keep your records for at least 5 years after the 31 January submission deadline of the relevant tax year. HM Revenue and Customs ( HMRC ) may check your records to make sure you’re paying the right amount of tax.

Is there any reason to keep old utility bills?

Keep for 1 month: utility bills, deposits and withdrawal records. If you’re self-employed, you may need your utility, cable and cell phone bills for tax purposes. Otherwise, you can dispose of them as soon as you verify your payment was processed.

What papers to save and what to throw away?

What Financial Documents Should You Keep Forever?Birth certificates.Social Security cards.Marriage certificates.Adoption papers.Death certificates.Passports.Wills and living wills.Powers of attorney.More items…•

How long should you keep car insurance statements?

one yearIf you are wondering how long to keep car insurance records, the answer is usually one year or less, or for as long as they are valid. If you still have the documents, for example, for a car you no longer own, these can be safely discarded. The same holds true for any policy that is no longer active.

How long do you keep bank statements?

one yearKey Takeaways. Most bank statements should be kept accessible in hard copy or electronic form for one year, after which they can be shredded. Anything tax-related such as proof of charitable donations should be kept for at least three years.

How long should I keep old health insurance records?

Keep all medical bills and EOBs on file, comparing related items for accuracy. Securely store EOBs in chronological order for future reference. In the event of chronic or serious illness, keep EOBs for five years after the last treatment date, or seven years after you’ve claimed the medical tax deduction.

What papers should I keep and for how long?

Keep forever. Records such as birth and death certificates, marriage licenses, divorce decrees, Social Security cards, and military discharge papers should be kept indefinitely.

Do I need to keep old insurance policies?

Experts generally agree if you have renewed a “claims made” insurance policy, you can get rid of the ones preceding it. Because these policies only protect against claims made during the life of the policy, there’s no reason to keep them after they have expired. Most U.S. insurance companies write this type of policy.