Record Retention Chart: The following is a general reference of record retention for your home. Please seek the advice of an accountant or financial advisor to determine your record retention needs as every household differs. If you are claiming a part of your house as a business expense, your record retention needs will be different.

Document

When to Shred

Bank Deposit Slips After you reconcile your statements
Banking Statements After a calendar year; store with tax returns if they will be used to prove deductions
Brokerage, 401(k), IRA, Keogh, and Other Investment Statements Shred monthly and quarterly statements as new ones arrive; hold on to annual statements until you sell the investments and retain with supporting documents for tax returns.
Credit Card Statements After you check statement and pay bill, unless needed to support tax filings
Employer Defined Benefit Plan Documents Never
Household Warranties and Receipts After you no longer own the item
Household Repairs and Improvements At least three years after you file your tax returns for the year of the sale.

 

Insurance Policies After you renew them
Investment Purchase Confirmations and 1099s Hold until you sell the securities, then keep with your tax records for an additional ten years
Pay Stubs After you review unless you are going to reconcile them with your W-2 statement
Receipts After you reconcile them with your credit-card or bank statement unless needed for a warranty or return
Social Security Statements When you get a new statement, shred the old one
Tax Returns and Supporting Documents Depends on the type of return, check with the IRS or accountant, can be as little as 4 years.
Consider holding onto returns only lifelong as it is a documented timeline of financial history
Utility Bills After you get next one unless needed to support tax filings
W-2 and 1099’s The IRS has six years to contact you if you’ve failed to report income

 

Diane Albright, Certified Professional Organizer