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‘Tis the season! Tax season, that is…Time to think about how long to keep those old tax records…

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‘Tis the season! Tax season, that is…Time to think about how long to keep those old tax records…

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Not too long ago my wife prevailed upon me to clean up all of our old tax records.  I had held onto tax records since the time that I was first employed in a “real” job – more years than I care to share!  A couple things that I made sure of before disposing of them:

  • Determine how long I should keep the records (recipts, pay stubs, bank reports, warranties, etc., etc.).  In my case I got rid of everything greater than 10 years ago (which is still longer than I must keep but I tend to be a bit paranoid about such things – I certainly don’t want any interesting conversations with my friendly IRS agent.)
  • I reviewed everything and shredded anything that had sensitive information (such as social security numbers, bank account numbers, birth dates, information about children, etc.); everything else went into the “round file”.
  • I kept the 1040’s for all years.  I know that I don’t need to keep them and probably shouldn’t, but they have sentimental value; they represent tons of work (and not much pay!)
  • Keep a hanky nearby for the many memories that will be discovered there – the times of joy and the times of saddness.  Yes, all those things will be in there – Thank GOD for all those times of learning and growing; these are the things that make you the person you are today.

See this helpful article that explains the conditions and time frames for keeping certain records: How Long to Keep Tax Records

I would be honored to help you with your real estate needs and happy to explain tax benefits and other aspects related to financing a home or investment property.  Just give me a call or contact me.

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