Cancelled checks, paid bills, receipts....

[Pembo]

How long do you keep stuff like this?

I have credit card statements back 4 years, cancelled checks for 7 and receipts for big items forever!

I was cleaning today and found the loan papers from our first house, which we sold 5 1/2 years ago!

 

[DixieDreamer]

I keep it all WAY too long - because I insist on shredding it all before it goes in the garbage... don't want my information falling into the wrong hands... lots of dumpster divers out there who use this info to steal your identity.

 

[CrazyBoutDisney]

Receipts for big ticket items should be kept as long as you own the item for insurance purposes.

As an income tax preparer, I know that IRS says you need to keep your tax records for the 3 years prior to the current year. That applies to the other records you refer to. If the receipts or cancelled checks apply to something you have reported on your taxes, keep them with your copy of that return for at least 3 years beyond the date you filed the return. For example, checks written for charity, real estate or personal property taxes, business expenses you have claimed. No need to keep the cancelled checks for your house payments or the like, your Form 1098 is sufficient for tax records.

The only other reason you would need to keep copies of paid bills is if you are trying to track your usage. Otherwise, you may as well get that shredder warmed up--you've got plenty of "food" for it!

 

[Serena]

It would have enough "food" to feed an army here. We have kept everything in a file cabinet in the basement.

 

[CamColt]

As a former bank employee, I suggest keeping statements and cancelled checks for 7 years. You could be summons to present these whether it be for divorce, being sued, and other reasons that escape me right now. Bank research fees are outrageous if they have to go looking up copies of these things for you.

 

[WDWLVR]

One of my New Years rituals is to clean our the file drawer I keep in the computer room and move all receipts, etc. to a divided folder. Then I keep it for at least 7 years.

This year I reorganized those folders and found I had 12 years worth of receipts. I ended up shredding a full so much that it filled a big garbage bag.

Always feels good to get things cleaned out and organized to start the new year!

 

[cinlee3]

Okay, I'm getting a shredder and getting busy.