|Types of Financial Records
||Length of Time To Be Retained
|1099 forms and other documents supporting your tax return
|| At least "three years".
|Individual income tax returns, W-2's payroll, unemployment returns
||All of these records should be kept permanently.
|Banks checks and bank statements
||You are required to keep these records for at least seven years. Since you may need them to settle non-tax mattters, it may be prudent to keep them for a longer period.
|Security transactions (stocks, bonds, mutual funds, etc.)
||You should keep these records for as long as you hold the security. The records show purchase date and price, number of shares purchased, sales date and price. For tax purposes, you should retain them for at least "three years" after selling the security.
|Real Estate Records
||These records should be kept "indefinitely". Records showing capital improvement should be maintained to document adjustments to basis. Also, if you sell your old home and purchase a new one to defer the tax on the gain, your should keep all the records for both homes.
||You should photograph all valuables and major household items for insurance purposes. These, along with any appraisals of furs, jewelry, art work, etc. should be kept in a safe deposit box.
|Warranties, guarantees and receipts for major purchases
|| Keep these records for as long as you own the item.