A guide to retention of records for individuals
Keep Permanently
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Adoption papers
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Birth certificates
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Citizenship papers
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Death certificates
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Detailed list of financial assets held (update as needed)
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Dividend reinvestment records (or until sold + 7 years)
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Divorce decrees (includes alimony and custody papers)
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Estate planning documents (update as needed)
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Forms W-2
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Illness records
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Investment property purchase records (or until sold + 7 years)
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IRA annual reports
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IRA nondeductible contributions (Form 8606)
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Marriage certificate
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Military discharge papers
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Power of Attorney (update as needed)
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Prenuptial papers
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Real estate records
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House records: canceled checks for purchase, major improvements and maintenance (or until sold + 7 years)
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Retirement plan annual reports
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Social security records
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Stock/mutual fund purchases (or until sold + 7 years)
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Tax returns -- complex
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Trust agreements
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Vaccination records
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Year-end brokerage statements (or until sold + 7 years)
Keep according to statute of limitations
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Automobile insurance (in case of late claims)
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Homeowners' insurance (in case of late claims)
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Liability insurance (in case of late claims)
Keep for seven years
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Bank deposit slips
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Bank statements
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Canceled checks (if for a deductible item)
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Certificate of deposit statements (after maturity)
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Charitable contribution documentation
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Contracts (until 7 years after completion)
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Credit card statements/receipts (if for a deductible item)
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Forms 1099
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Insurance policies (after expiration)
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Keogh statements/IRA records, deductible and nondeductible (after termination)
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Loan agreements (for 7 years after payment)
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Medical bills after payment
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Receipts, diaries, logs pertaining to tax return
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Schedule K-1s (after disposition)
Keep for three years
Various retention periods
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Automobile title -- as long as you own auto
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Copyrights/patents -- as long as in effect
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Loan payment books -- until the loan is paid
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Passports -- keep current
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Paystub -- until W-2 is confirmed
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Pension plan records -- generally keep current year only
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Rental contracts -- as long as in effect
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Safe deposit inventory -- update regularly
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Safe deposit key -- as long as you keep the box
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Wills/Letter of last instructions -- as long as valid
This is only a partial list, and should be used for informational purposes only. Baden, Gage & Schroeder is not liable for any oversight, omission or legal action resulting from the use of this list.