Question: How Long Should You Keep Your Monthly Bills?

How long do you need to keep closing documents?

HOME SALE RECORDSDocumentHow Long to Keep ItHome sale closing documents, including closing statementAs long as you own the property + 3 yearsDeed to the houseAs long as you own the propertyBuilder’s warranty or service contract for new homeUntil the warranty period ends3 more rows.

Do I need to keep monthly bills?

Monthly utility/cable/phone bills: Once you know the bill is correct, toss it. But if you deduct some of these costs on your tax return, you’ll want to save them with your return (more on that in a moment). Credit card statements: If you know all the charges are correct, you probably don’t need to keep this.

How many years of medical records should you keep?

In California, where no statutory requirement exists, the California Medical Association concluded that, while a retention period of at least 10 years may be sufficient, all medical records should be retained indefinitely or, in the alternative, for 25 years.

Is there any reason to keep old mortgage papers?

You want to keep Statements of Disbursements so you know what the lawyer did and how much you paid for it. And if an appraisal was done, it’s good to have as it because it shows the value at the time of purchase, and can be used as a comparative when selling or refinancing.

Do I need to keep old refinance paperwork?

Actual contract papers detailing your home purchase and original loan should be kept for the life of the loan. Other loan paperwork, such as refinancing agreements, should be kept for at least three years; some recommend keeping these as long as ten years.

How long should you keep your bank statements?

three to seven yearsKnowing that, a good rule of thumb is to save any document that verifies information on your tax return—including Forms W–2 and 1099, bank and brokerage statements, tuition payments and charitable donation receipts—for three to seven years.

Should you keep tax returns forever?

According to the IRS, individual taxpayers should keep returns for three to six years. Non-filers and fraudsters should keep their records forever.

How long should you keep your credit card statements?

60 daysCredit Card Statements: Keep them for 60 days unless they include tax-related expenses. In these cases, keep them for at least three years. Pay Stubs: Match them to your W-2 once a year and then shred them. Utility Bills: Hold on to them for a maximum of one year.

How long should you keep power bills?

one yearUtility Bills Keep for one year and then discard — unless you’re claiming a home office tax deduction, in which case you must keep them for three years.

How long should you keep mortgage bills?

three yearsHomeowners should keep these statements for at least three years. Although the information on these statements is a part of public record, it is always more convenient to keep a carefully-filed paper copy so you can find the information at a moment’s notice.

How long should you keep car payment statements?

Loan documents: Keep the statement showing your most current balance on your car loan, student loan, personal loan and so on. Save the final statement, showing your balance is paid in full, for seven years.

What records should you keep and for how long?

To be on the safe side, McBride says to keep all tax records for at least seven years. Keep forever. Records such as birth and death certificates, marriage licenses, divorce decrees, Social Security cards, and military discharge papers should be kept indefinitely.