Bills, statements, warranties, documents… they pile up! Most people don’t get around to cleaning out the home office, but why not carve out 15 minutes a day for a week? The generally-accepted rules of thumb below can help you decide what should stay or what should go. Remember to toss non-personal papers, but shred documents containing personal information to protect against identity theft. When cleaning out that home office of yours, be sure to follow the below rules of thumb.
Tax and Earnings Records
NOTE | 6 Mo. | 3 Years | 5 Years | 7 Years | Other | |
All Returns | IRS has 3-6 years to audit | x | ||||
Proof of Filing | IRS has 3-6 years to audit | x | ||||
Payment of taxes | IRS has 3-6 years to audit | x | ||||
Tax-Reporting Documents | IRS has 3-6 years to audit | x | ||||
W-2s | Keep until receiving Social Security | x | ||||
Last 3 Paystubs | Often used to prove residency or for loan documents | x |
Financial and Insurance Records
NOTE | 1 year | 3 years | 5 years | 7 years | Other | |
Bank/CC Statements | Keep for year prior, unless online | x | ||||
Bank/CC Statements | If supporting a tax deduction | x | ||||
Investment Statements | To substantiate any gain/loss in the case of audit | x | ||||
Quarterly Retirement Plan Statements | Keep until you confirm they match annual statements | x | ||||
Retirement Plan Summaries | Keep until account closure | x | ||||
IRA Contribution Records | Permanently, to prove you made non-deductible contributions | x | ||||
Prospectuses and Privacy Notices | Until available online | x | ||||
ATM Receipts | Toss after seen on a bank statement | x | ||||
Insurance Records | Keep in case a claim is filed within the Statue of Limitations | x | ||||
Life Insurance Policies | 3 or more years past the life of the policy | x | ||||
Medical Insurance Records | In case of future, related issues | x |
Bills, Receipts, Proof of Ownerships, and Warranties
NOTE | 3 mo. | 1 year | 7 years | Forever | Other | |
Utility Bills | 3 mos for proof of residency; 7 years to support a tax deduction | x | x | |||
Medical Bills | 3 mos for insurance; 7 years if enough to itemize on your taxes | x | x | |||
Everyday Receipts | 1 year to cover warranty, 7 years if supporting a tax deduction | x | x | |||
Receipts for Expensive Items | x | |||||
Proof of Ownership | 7 years after sold if you believe a future buyer might want them | x | x |
Home and Vehicle Records
NOTE | 7 years post- sale | Length of Ownership | Forever | Other | |
Home Insurance Records | Keep in the event of a claim filed within Statue of Limitations | x | |||
Home Mortgage Documentation | Forever, or until paid off | x | |||
Home Repairs/Improvs. Records | Permanently if you think a future buyer might want them | x | x | ||
Vehicle Records | x |
Vital Personal Records and Estate Planning Documents
NOTES | Forever | |
Vital Records (birth, marriage, death certificates, etc.) | Keep originals in a safe-deposit box with an accessible hard/e-copy | x |
Estate Planning Documents | Keep originals in a safe-deposit box with an accessible hard/e-copy | x |
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