HOW LONG SHOULD I KEEP THIS STUFF?

[Nevada Ed]

I have old check books that go back to 1977 and some newer ones that have a special check made out for something special.

I even have a few ironworker log books with the hours worked and where,
that are backin the 70's, just for giggles.

Sort of fun going back in time and seeing what the pay scale was and what you did.

However a 12 month bill record on the PC , takes up a lot less space
and can be looked up a lot quicker, if needed.
I "Highlight" things like new water heaters, repair bills etc. where I might need a receipt.

I received a New hedge trimmer from Lowe's , free of charge, for a unit that only worked 13 months, with a three year warrenty, last November.

You never know.

 

[Rotorhead1026]

Major purchase receipts (warranty) are kept until the warranty expires. Auto maintenance receipts stay with the car, until sold. Tax stuff kept for five years. Everything else is trashed after a month.

 

[Onomea]

I, too, pay as many bills as possible electronically. Easy to look up later if needed. The only recurring check payment I have is my yard maintenance guy who wants a monthly check.

Read an article recently that said that "check washing" — stealing a paper check, covering the signature with tape, dropping it into acetone to remove the writer's ink, then rewriting and cashing the check with the original legit signature — has been increasing. Thieves steal the checks, often by breaking into mailboxes. The advice was, if you must write checks, to use a gel pen because the ink permeates the check paper and is more difficult to remove. FWIW.

 

[Rustyt1953]

Ruthie has a check book. It has become a home for wayward silverfish.

 

[Gamecock]

"Dad, why are you still writing checks? Nobody does that."

 

[BAM-BAM]

Shortly after the honeymoon........................

Barbara "My Mom knows nothing about their financial situation; my Dad doesn't share information about bills and financial stuff, I don't want that to happen to us!"

Me: Me, "Ok you can pay the household bills and other stuff!"

Best deal I've made in the last 31 years!


Most of the stuff is electronic payments today!

 

[Marine Corps Air]

I believe that there are several categories that apply. My wife and I always go through our past year files during the Super Bowl. Here's the "buckets" or categories that I recommend:

1. Non-Tax Return Related-one year, i.e. electric & gas bills

2. Tax Return Related-seven years. A tax return can be amended up to three years after it is due. Then the IRS has three years after that date.

3. Business-I believe that they use seven years, especially if there is payroll involved

4. Special-as long as you own the asset or investment, i.e. your home, RV, boat, etc. I had a tax client's tax return last year who had purchased his home in 2000 that he sold. He sold the home in 2023. However, no one had any of the required home purchase records (the attorney, the title company, the client, etc.). However, he still wanted the $500K exclusion. I performed a lot of research and saved him the entire amount for the exclusion on his 2023 tax return!

5. Here's the IRS rules-https://www.irs.gov/taxtopics/tc305

I understand the other forum members comments on electronic receipts & records. I don't know IF our courts and the IRS are with us in 2024. An attorney should know.

Cheers!

Bill

 

[TX-Dennis]

I only keep what I need to file taxes. No other bills need to be kept. They all go into the shredder as soon as they are paid.

 

[Onomea]

... I understand the other forum members comments on electronic receipts & records. I don't know IF our courts and the IRS are with us in 2024. An attorney should know.

Cheers!

Bill

You can always print out the receipt, statement, invoice, transfer record/email confirmation, etc., if needed.

My accountant e-files my return to the IRS, so they've come that far anyway.

 

[Golddollar]

Major purchase receipts (warranty) are kept until the warranty expires. Auto maintenance receipts stay with the car, until sold. Tax stuff kept for five years. Everything else is trashed after a month.

I'm getting convinced to toss another couple months worth of paid regular bills.

 

[Skeet 028]

Wow..I have things going back to my first loan. Borrowedmoney from something called I think, Household finance, to establish credit. Paid it back 40 days later. Next time I didn't need a cosigner. When I was 21 I bought a house for my mother(father,sister too.) Didn't use all the savings and had a mortgage of 62.80 a month. Still have the payment book. Paid it off in 3 years. 2nd house I sold 65 approx Winchesters and paid for it...borrowed enough to refurbish the house...88.88 a month. Still got that payment book. Now days I use credit cards for most everything and pay the cards off every month with a one time debit/electronic check. I am coming to the realization I don't NEED all the receipts I have. But I have to downsize the banking stuff. Have 5 checking accounts which is kinda stupid I think. How many years worth of bank records should be kept?? I could burn most of these records in the woodstove to stay warm for 3 years. As someone said I did not sign up for auto pay on credit cards, bill etc except one and I get a receipt every month for it. Is auto pay on CCs worthwhile? No interest no late fees??

 

[CAJUNLAWYER]

If you got it, it's subject to production by subpoena. If you throw it away...tough nuggies.....Just sayin'.....

 

[llowry61]

One thing to think about when you go all electronic make sure someone has the ability to access the accounts in the event something unexpected happens.

 

[Yaworski]

I get my bills, look at them to make sure that everything makes sense, then they go in the trash. Payments go automatically.

 

[Onomea]

.. As someone said I did not sign up for auto pay on credit cards, bill etc except one and I get a receipt every month for it. Is auto pay on CCs worthwhile? No interest no late fees??

I use autopay for my credit cards, and have the full amount due withdrawn on each monthly due date No interest, no late fees.

I also use auto payments, automatic withdrawals from my checking account, for all utility payments.

I find it convenient.

For all of the above — two credit cards, three utilities, internet, and trash pick up — I receive email notifications in advance of how much and when the providers plan to withdraw funds, so if I want to dispute a charge, or not pay it, for some reason, there is plenty of time to react.

 

[mrchick]

I do what Onomea does. I only print what I need for tax returns. I can find any payment records I need online.

 

[pasound]

My bank keeps ten years of scanned checks and debit transactions. All utilities and credit cards are paid online, with backups available online from the bank, the payees, and the creditors for statements and purchases. I'm looking a a trash bin that holds the third bag of shredding I've done since retiring two months ago. Only have 2 1/2 file drawers left to go, getting rid of 25+ years of paper to recycling. The rest of my records are on spreadsheets that I've kept (multiple) copies of since 2001.

 

[TX-Dennis]

I did not sign up for auto pay on credit cards, bill etc except one and I get a receipt every month for it. Is auto pay on CCs worthwhile? No interest no late fees??

I have mine set to auto pay the full balance on the due date. That way I don't have to worry about missing the due date accidentally and getting hit with late fees and interest charges. Sometimes the balance is 0. Sometimes a few thousand. But either way I'm not paying any fees / interest if I don't have to.

 

[lkabug]

I keep hard copies of tax related items, and items that adds cost basis to my house.

 

[Rotorhead1026]

I keep hard copies of tax related items, and items that adds cost basis to my house.

A good point.