How long do you need to keep documents?
- Property records should be kept for as long as you own the property - deeds, title papers, abstracts, mortgages, burial lot deeds, records of capital improvement, motor vehicle titles.
- Savings certificates, stocks, bonds, other securities and investment records should be kept for as long as you have the accounts.
- Keep tax returns, records and receipts for a maximum of 6 years. The IRS can audit for up to 3 years, but if they suspect a problem, they can go back 6 years.
- Business profit and loss statements should be kept for as long as you own the business.
- Keep medical and vaccination records indefinitely.
- Receipts for valuables should be kept for as long as you own the items.
- Vital records should be kept indefinitely - birth & death certificates, adoption records, citizenship papers, marriage and divorce certificates, passports, power of attorney, wills, military records.
- Insurance policies need only be kept for the period they are in effect.
