Personal Records Retention Listing

The following list is a guide to use for the retention time of your personal legal documents, receipts and other tax related documents.

KEEP INDEFINITELY:

• Birth certificates
• Death certificates
• Marriage licenses
• Income tax returns & W-2's
• Power of attorney
• Trust agreements
• Wills
• Divorce decree/custody agreements
• IRA records
• Military records
• Naturalization papers
• Prenuptial agreements
• Video tape or photos of valuables
• Sale & purchase agreements of property or other assets
• Pension & Insurance Contracts
• Records relating to purchase of all homes, other real estate, and improvements made
• Investment records (if you still own the investment)
• Insurance policies still in force
• All liability insurance policies
• Adoption records
• Proof of debt repayment
• Correspondence relating to legal and important matters

KEEP 6 YEARS OR MORE:

• Accident reports
• Brokerage & fund transactions
• Insurance policies
• Keogh statements
• Loan records
• Stock option agreements

KEEP 4-6 YEARS:

• Tax related documents and receipts and business records that support income and deduction; 1099's and related canceled checks. In general, the IRS has three years from due date to challenge a tax return. If you have under-reported your income on your tax return, keep records for a minimum of six years. If you have not filed necessary tax returns, keep your records indefinitely. Do not throw out the tax return itself.

DISCARD:

• Credit card receipts and statements if they have no tax impact or do not represent important assets
• Warranties that have expired
• Medical and dental bills after one year unless you have taken a tax deduction
• Canceled insurance policies except liability insurance
• Car purchase and maintenance papers if you no longer own the car
• Expired CD's once you receive the 1099 and verify the interest received
• Telephone and utility bills unless you deduct a percentage as a home office deduction
• Old pay stubs – keep only the most recent one and your final December pay stub
• Bank statements and canceled checks follow the tax return rule. When you toss tax records, discard checks and bank statements for the same year

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