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How long do you keep old bank records

 
 
Reply Sat 4 Dec, 2004 06:51 pm
How many years do you have to keep personal bank statements, check stubs reciepts, incomtax documents etc, ctc?

I think it's 3 years but I'm not sure.

Also, do you have to keep your paper records if you keep all of your data on Quicken or can you shread it as soon as it's entered into your computer?
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Type: Discussion • Score: 1 • Views: 3,150 • Replies: 8
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Region Philbis
 
  1  
Reply Sat 4 Dec, 2004 06:57 pm
Quote:
You know that bank records, such as statements, credit card bills and canceled checks, can come in handy. But you may be saving some too long and others not long enough. It's important for you, perhaps after talking with your accountant or attorney, to develop a plan for managing all this paperwork. Example: Canceled checks with no long-term significance for tax or other purposes probably can be destroyed after about a year, but those that support tax returns, such as charitable contributions or tax payments, probably should be held for at least seven years.

http://www.fdic.gov/consumers/consumer/news/cnfall03/et1.html

do you back up your Quicken data?
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roverroad
 
  1  
Reply Sat 4 Dec, 2004 07:01 pm
Region Philbis wrote:
Quote:
do you back up your Quicken data?


Oh yes, I've learned the hard way. One copy on each hard drive and four weekly rotated floppies.

Thanks for the info.
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littlek
 
  1  
Reply Sat 4 Dec, 2004 07:14 pm
If youy're my brother, you keep financial records for about 4 seconds.
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roverroad
 
  1  
Reply Sat 4 Dec, 2004 07:26 pm
littlek wrote:
If youy're my brother, you keep financial records for about 4 seconds.


Well, I keep them forever, I just don't keep them organised. A little here, a little there... And some how I always end up loosing some. That's why I need quicken.

But now that I have electronic copies I wanted to throw out all of the paper copies.

The company that I work for scans an image of all of it's financial records. That's why I thought that you can throw them out as soon as you have a copy. But then I'm not making actual copies, I'm just re-typing the data.
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Region Philbis
 
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Reply Sat 4 Dec, 2004 07:27 pm
don't chuck those old tax returns (just in case!)
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littlek
 
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Reply Sat 4 Dec, 2004 08:30 pm
I keep mine all over as well. But, I am sobad at putting my records onto disk.
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roger
 
  1  
Reply Sat 4 Dec, 2004 09:28 pm
If it's for tax purposes, three years starting with April 15th or your filing date, whichever comes later. Of course, if the IRS alleges fraud, they can go back further. Actually, I keep mine for about 5 years.
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Miriam May
 
  1  
Reply Wed 19 Jan, 2005 11:41 pm
Is there more information available on how long should a person keep bank and credit card statements, utility bills, insurance records and all other stuff that we have in abundance?

Does anyone know about info online concerning all this?
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