You have a drawer full of paperwork and you keep adding to it - why? Because you aren't quite sure what you need to keep and what you can shred.
Here are some general rules for record retention:
Keep for 7 Years:
- Home deed and closing statement
- Home improvement records
- Property taxes
- Federal, state and local income tax returns, gift tax and/or estate tax returns with supporting documents
- Checks and checkbook records - 7 years if tax deductible, 2 years if not tax deductible; and the same is true for credit card statements, receipts, and paid bills
Keep 1-3 Years:
- Bank statements - 1 year
- Rent receipts - 2 years
- Home mortgage, title insurance, property appraisals - 3 years after paid off
- Loan payment records (non-mortgage)
Keep While You Own or In Force:
- Vehicle paperwork - sales contracts, maintenance records, ownership papers, lease agreements, license information
- Receipts and appraisal for personal property, artwork, and valuables
- Home/Apartment Lease Agreements
- Owners Manuals
- Receipts for Warranties and Warranties and Extended Service Agreements
- Insurance papers - life insurance, health insurance, long term care insurance, homeowners, auto insurance
Wisconsin residents, we'd love the opportunity to be your one stop insurance agency, please contact us.
