What are the most important receipts and papers to keep and for how long?

Question

What are the most important receipts and papers to keep and for how long?

Answer 1

Most all receipts are important, but for example: a toaster receipt is probably not worth saving, since it would cost more to ship and repair the item, than buying a new one.Save all large appliances and telephone receipts, receipts for work done on your vehicle,any of the following, rent, utility,clothing,guns,and furniture. The IRS says someone must keep receipts and records for all items for seven years.Saving them would help a lot in case you were ever audited, and when someone loses a home say to flooding some receipts can be saved and this would help to show the insurance companies what items were in your home and there value.