How Long Should You Keep Investment Account Statements?

Do I need to keep old investment statements?

Keep your year-end stock and mutual fund account statements in your tax files for three years.

The Internal Revenue Service normally doesn’t examine tax returns more than three years old for most taxpayers, or six years for those who are self-employed..

How long should you keep bank statements and canceled checks?

Key Takeaways. Most bank statements should be kept accessible in hard copy or electronic form for one year, after which they can be shredded.

Should I shred old utility bills?

Most experts suggest that you can shred many other documents sooner than seven years. After paying credit card or utility bills, shred them immediately. Also, shred sales receipts, unless related to warranties, taxes, or insurance.

What records do I need to keep and for how long?

To be on the safe side, McBride says to keep all tax records for at least seven years. Keep forever. Records such as birth and death certificates, marriage licenses, divorce decrees, Social Security cards, and military discharge papers should be kept indefinitely.

What do you do with old bank statements?

You may be ready to throw them out, but you’re not sure how. Is it safe to throw away old bank statements, or do you need to shred them first? According to the Federal Trade Commission, you should shred documents containing sensitive information, including bank statements, to protect yourself from identity theft.

Should I keep old mortgage statements?

Store a copy of each of your mortgage statements for a few months to make sure all of your payments are accurate and accounted for. Keep your personal copy of your deed, promissory note and Closing Disclosure for as long as you have your loan.

How many years of medical records should you keep?

seven yearsRegulations & 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 do you destroy paper without shredding?

Add a half gallon of bleach to the trash can. Bleach breaks down paper and destroys ink, so it’s great for rendering your documents unreadable. However, be careful while handling bleach — don’t let it touch your skin, and work in a well-ventilated area. Next, add five gallons of water to the trash can.

Should junk mail be shredded?

Junk Mail Don’t just toss the junk mail in the trash bin; shred it. … Junk mail should be shredded or, in the United States, you can opt out of junk mail and pre-screened credit offers through the Federal Trade Commission’s unsolicited mail page.

How long do you need to keep investment statements?

Brokerage statements / investment records Keep monthly statements for one year; you can dump them if your annual statement summarizes all activity. Keep the yearly summaries as long as you own the security, plus seven years. You need proof of your purchases to prove capital gains and losses on your tax return.

How long should you keep loan statements?

seven yearsLoan documents: Keep the statement showing your most current balance on your car loan, student loan, personal loan and so on. Save the final statement, showing your balance is paid in full, for seven years.

What should you not shred?

Be sure to lock up any important documents that you don’t shred, including birth and death certificates, adoption papers, marriage and divorce papers, citizenship papers, Social Security cards, tax-related documents, deeds and titles, and financial statements.

Is there any reason to keep old mortgage papers?

As a rule of thumb, you should keep all of the contract papers detailing your home purchase and original loan for the life of the loan. And sometimes longer. Since home loans can have tax implications, the IRS provides guidelines on what paperwork you need to keep and for how long.

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…•