How long do we REALLY need to keep?

Question

Bank statements,Credit Card billstubs etc. We all know how much that sort of thing piles up. Help me decide what to keep and what not keep; and for how long Thanks!

Answer 1

The IRS can investigate you for up to 7 years, so that's a good rule of thumb.  All state Statutes of Limitation are less than 7 years, so you're safe there.

Answer 2

Your suppose to keep them for a year.Do i? NO . I read them and throw them away.No need for pile up.

Answer 3

You can always get bank statements online, but they say keep those 5 years, tax records 7 years, love letters forever :)

Answer 4

When my grandfather died, he had 30 years of phone bills and electric bills.  

The IRS would like for you to keep the current year and 3 past years of records in case they audit you and find mistakes.  It is legal for them to go back more than 3 years like they just did for actor Wesley Snipes.   You would know to keep more records if you knew you had been cheating "just a bit" on your taxes.  Probably not so keep 3 years.