A guide to retention of records for individuals
Keep Permanently
-
Adoption papers
-
Birth certificates
-
Citizenship papers
-
Death certificates
-
Detailed list of financial assets held (update as needed)
-
Dividend reinvestment records (or until sold + 7 years)
-
Divorce decrees (includes alimony and custody papers)
-
Estate planning documents (update as needed)
-
Forms W-2
-
Illness records
-
Investment property purchase records (or until sold + 7 years)
-
IRA annual reports
-
IRA nondeductible contributions (Form 8606)
-
Marriage certificate
-
Military discharge papers
-
Power of Attorney (update as needed)
-
Prenuptial papers
-
Real estate records
-
House records: canceled checks for purchase, major improvements and maintenance (or until sold + 7 years)
-
Retirement plan annual reports
-
Social security records
-
Stock/mutual fund purchases (or until sold + 7 years)
-
Tax returns -- complex
-
Trust agreements
-
Vaccination records
-
Year-end brokerage statements (or until sold + 7 years)
Keep according to statute of limitations
-
Automobile insurance (in case of late claims)
-
Homeowners' insurance (in case of late claims)
-
Liability insurance (in case of late claims)
Keep for seven years
-
Bank deposit slips
-
Bank statements
-
Canceled checks (if for a deductible item)
-
Certificate of deposit statements (after maturity)
-
Charitable contribution documentation
-
Contracts (until 7 years after completion)
-
Credit card statements/receipts (if for a deductible item)
-
Forms 1099
-
Insurance policies (after expiration)
-
Keogh statements/IRA records, deductible and nondeductible (after termination)
-
Loan agreements (for 7 years after payment)
-
Medical bills after payment
-
Receipts, diaries, logs pertaining to tax return
-
Schedule K-1s (after disposition)
Keep for three years
Various retention periods
-
Automobile title -- as long as you own auto
-
Copyrights/patents -- as long as in effect
-
Loan payment books -- until the loan is paid
-
Passports -- keep current
-
Paystub -- until W-2 is confirmed
-
Pension plan records -- generally keep current year only
-
Rental contracts -- as long as in effect
-
Safe deposit inventory -- update regularly
-
Safe deposit key -- as long as you keep the box
-
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.
