Record retention guidelines

Discussion in 'Countryside Families' started by cast iron, Jan 21, 2007.

  1. cast iron

    cast iron Well-Known Member

    Oct 4, 2004
    Western WA
    I was curious what household record retention guidelines people are using with regards to what records to keep, for how long, and what records to destroy etc.

    Tax records are pretty straight forward in terms of keeping them, but I was wondering about the plethora of other "paper" that seems to inundate the family household these days. Things like:

    - utility bills
    - bank statements
    - credit card statements
    - insurance statements
    - cable bill
    - phone bills
    - paycheck stubs
    - other????????????????
  2. Jenn

    Jenn Well-Known Member Supporter

    Nov 9, 2004
    With my travel history I keep util/rent records until I move and will no longer need them to argue about a bill! unless they are a record of a business expense (tel bill usually) I might need to back up a tax audit (then hold 7 years like taxes). Credit card same- few years but 7 if business exp.

    Financial records- buying stocks- I have to keep forever until 7 years after I sell something since need proof of original purchase price and costs to deduct from sales price to figure out capital gains. Sometimes makes me want to sell everything, pay the taxes on the gain so far, and start afresh!

    Insurance- I keep the up to date documents which is new every 6 months for car, the orginal policy from 10+ years ago for life insurance, and for life insurance I keep the bills each year until I get next year's so 1)if they claim I don't get DH's payoff because policy lapsed I would argue why'd ya send me a bill and not a 'policy is lapsed' notice then? and 2) so if I move and bill seems late coming I have their up to date address and tel no. to get in touch and get up to date. Oughtta be able to throw out bill after my check is cleared otherwise though.

    add- checking /bank/ pay stubs I keep 7 years for tax purposes, but army pay stubs I keep forever in case I need proof for veteran status!

  3. stirfamily

    stirfamily Well-Known Member Supporter

    Jun 18, 2002