paper retention schedule.

IMPORTANT

Below are my general recommendations for paper retention for residents of the United States. This list was compiled using information provided by the IRS and other financial experts, but please do check with your CPA or Attorney for additional paper retention needs that are specific to your personal situation.

Additionally, if you are involved in litigation or audits, please do check with your advisors before throwing something out. The statute of limitations is 3 years for the IRS, 4 years for the State of California, and there is no limit if it is suspected that the taxpayer filed a false or fraudulent return. Dates are calculated by tax filing deadline (including extensions), or 3 years from the date the tax was paid—which ever is longer.

additional resources.

  • https://www.irs.gov/businesses/small-businesses-self-employed/recordkeeping 

  • https://www.edelmanfinancial.com/education-center/articles/i/important-document-checklist-what-to-keep-store-or-shred

keep for one year.

  • Paycheck stubs (Keep until you get your W2/1099 and annual social security statement.) 

  • Utility Bills (If needed for taxes keep for 3 years. E.g., home office deduction.) 

  • Canceled Checks (If needed for taxes keep for 3 years.)

  • Credit Card Receipts (If needed for taxes keep for 3 years.)

  • Bank Statements (If needed for taxes keep for 3 years.)

  • Quarterly Investment / Retirement Statements (401k, brokerage, options, other. Keep until you get your annual statement)

keep for four years.

  • Income Tax Return (For IRS, keep for 3 years, for State of California, keep for 4 years unless you are being audited. If you omit income keep for 6, if you did not file keep indefinitely. Lenders, creditors, and insurers may also review tax returns, so keep these indefinitely and discard supporting documentation.) 

  • Tax Return Supporting Documentation (Keep receipts, cancelled checks and other documents for 3 years.)

  • Medical Bills (Keep longer if needed for claims.)

  • Canceled Insurance Policies 

  • Records for the Sale of Stock or Financial Asset (Documentation for Capital Gains Tax)

  • Records for the Sale of a House or Real-Estate property (Documentation for Capital Gains Tax. Include capital improvement receipts if used for tax returns)

  • Annual Investment / Retirement Statements (Keep 401k, brokerage, options, etc. for 3 years after you sell your investment.)

keep for seven years.

  • Records of Satisfied Loans

keep for life of asset.

  • Contracts

  • Insurance Documents

  • Stock Certificates

  • Stock Records

  • Property Records

  • Records of Pensions & Retirement Plans

  • Property Tax Records Disputed Bills (Keep the bill until the dispute is resolved)

  • Home Improvement Records (Keep for 3 years after the tax return that includes the income or loss on the asset when it’s sold.)

  • Auto/Vehicle information (Keep until sold, or 3 more if needed for tax purposes.) 

keep forever.

  • Birth Certificates             

  • Death Certificates

  • Marriage Licenses    

  • Divorce Papers 

  • Adoption Papers

  • Citizenship Papers

  • Military Discharge Papers 

  • Trusts

  • Wills

  • Prepaid Funeral Plans/Trusts

  • Advance Directives (Living Will, Power of Attorney, Health care proxy, POLST/MOLST)

  • Property records (Keep for all tax-related items, including capital improvements, after property is sold)

  • Incorporation Papers/Partnership Agreements 

  • IRA Nondeductible Contribution Records

  • Royalty Commission Records