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Return To Home Based Business FAQ Archive   Search the Archives What records do I need to keep and how long do I have to keep them? Answered By Aidon "Hughie" Bilbao, Editor Every personal finance and investment record that you have can not be kept forever. Eliminating records which can not be used anymore is a part of organizing your financial records. The following are suggestions on what records you need to keep and the length of time to keep them. - Taxes - good for seven years. - Returns - good for three years; Internal Revenue Services (IRS) audits your returns in that time frame. - Cancelled checks or receipts - good for three years. - Records for tax deductions taken - good for six years. - IRA contributions - you can keep the records indefinitely. - Retirement or savings plan statements - good from one year to permanently. - Bank records - good from one year to permanently. It is advised that you keep bank records related to taxes, business expenses, home improvements, and mortgage payments. Shred all records which have no long-term importance. - Brokerage statements - good until you sell the securities. - Bills - good from one year to permanently. Bills for big purchases such as jewelries, automobiles, furniture, and others should be kept as an insurance file as a proof of their value in case of loss or damage. - Credit card receipts and statements - good from 45 days to seven years. - Paycheck stubs - good for one year. - House or condominium records - good from six years to permanently. Keep records with relation to the purchase (price of cost and cost of all permanent improvements) and other expenses that you incur in buying or selling the property like legal fees and your real estate agent's commission. keywords: Home Based Business | Home Business | Work at Home | Small Business | Entrepreneur | Taxes | Tax

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