What Records Should I Keep?

Posted By: Dr. Frugal in Budget on 08/04/2007 at 18:26:29

What types of records should you keep? Hang onto any documents that identify your sources of income (W2's, 1099 MISC's, etc) as well as anything that helps determine that value of assets and prove your tax deductions. Checks alone may not prove the deductibility of an expense. The best proof is an itemized invoice accompanied by a canceled check proving that you paid it.

Keep your tax records in a separate file for each year. After six years you can throw the backup documents away if storage space is an issue, but keep your income tax returns, retirement account statements, home purchase or sale documents, and stock or other investment documents indefinitely.

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