10 Of Your Most Important Tax Documents/Recordkeeping Guidelines

July 23rd, 2014 at 2:07 PM

1. Tax Returns should be retained for 7 years after the due date or filed, whichever is later

2. Supporting tax documents such as receipts, expense loge, sales records) should be retained for a minimum of 3 years.

3. Real estate documents should be retained for as long as you own the property + years after you dispose of it.

4. For Real estate properties-retain following–closing statements, improvements, insurance claims, and refinancing docs

5. Securities purchased and sales records; maintain dates, quantities, prices, dividend reinvestment, and investment expenses such as broker fees. Retain these records for as long as you own the investment + statue of limitations on related tax returns.

6. For Individual Retirement Accounts-keep copies of Forms 8606, 5498, and 1099-R until all funds are withdrawn, and retain until statue of limitations expires.

7. Net operating loss deductions and other carryover deductions you must maintain these records for 7 years in addition to the period when these deductions expired

8. Estate Planning documents keep indefinitely.

9. Maintain for at least 1 year bank records, invoices, credit card statements/receipts, medical bills and paycheck stubs.

10. Retain insurance documents for life the life of the policy + 5 years


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