Financial Stuff You Need to Keep

Do you ever wonder how long you need to keep your financial paperwork? If you’d like to get rid of some clutter — and you missed our posting on Facebook — here’s the re-cap: 1) Keep ‘Tax Returns’ forever! And just in case you’re wondering about back-up (W-2s, statements, etc.), keep those for SIX years (the IRS has up to this amount of time to audit returns). 2) ‘Year-End Investment Statements’ should be kept until SIX years after you sell — for proof of gains and losses for taxes. 3) Keep your ‘Pay Stubs’ until you get your W-2 in JANUARY. 4) ‘Receipts for Home Improvements’ need to be kept until SIX years after you sell the home, for tax purposes. 5) And finally, keep your ‘Receipts for BIG-TICKET PURCHASES’ for AS LONG AS YOU OWN THE ITEM, for warranty and insurance claims.