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Old 07-17-2012, 07:12 PM
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Joe
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Default Document retention

How long do you keep "important" documents like personal tax returns, old job reviews, house closing papers and stuff like that?

I'm moving soon and am tired of taking stuff with me that i haven't looked at in years. Time to clean house!
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Old 07-17-2012, 07:40 PM
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Originally Posted by Joe View Post
How long do you keep "important" documents like personal tax returns, old job reviews, house closing papers and stuff like that?

I'm moving soon and am tired of taking stuff with me that i haven't looked at in years. Time to clean house!
House closing papers help support purchase price but I believe that it is also on record in the town hall.

As to tax returns, federal and most state statutes are 3 years. However; if you have carryover items (like capital losses) you should keep the returns generating the losses (and the backup) until the statute of the last return filed utilizing such losses expires.

Buy a cheap scanner and scan all of the returns/backup onto your HD.
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Old 07-17-2012, 07:44 PM
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Scan them into the computer. Back that up and shred the papers.
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Old 07-17-2012, 07:55 PM
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Originally Posted by BACKTOTHESEA View Post
House closing papers help support purchase price but I believe that it is also on record in the town hall.

As to tax returns, federal and most state statutes are 3 years. However; if you have carryover items (like capital losses) you should keep the returns generating the losses (and the backup) until the statute of the last return filed utilizing such losses expires.

Buy a cheap scanner and scan all of the returns/backup onto your HD.
nope..never anything that complicated.

I bought a house 9 years ago I kept for about 6 months..not sure thats imprtant or relavent now.
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Old 07-17-2012, 08:03 PM
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7 years, then this.

Originally Posted by obbayer View Post
Scan them into the computer. Back that up and shred the papers.
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Old 07-17-2012, 09:03 PM
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Originally Posted by Joe View Post
nope..never anything that complicated.

I bought a house 9 years ago I kept for about 6 months..not sure thats imprtant or relavent now.
What about "long-term capital gains", down the road? I'm not real sure, though?

I guess I'm one of them "paper hoarders".

Regards,
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Old 07-18-2012, 06:13 AM
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Originally Posted by Bruce W View Post
What about "long-term capital gains", down the road? I'm not real sure, though?

I guess I'm one of them "paper hoarders".

Regards,
I mean I sold it after 6 months, may have been less. I think I broke even. No capital gains to report.
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Old 07-18-2012, 06:23 AM
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I started scanning everyting a few years ago. Bye paper!! Stuff is a lot easier to find, too.
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Old 07-18-2012, 06:32 AM
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Don't file the tax returns and keep on moving.

Problemo solved.
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Old 07-18-2012, 06:38 AM
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As a CPA i recommend to clients to keep income tax returns forever, whether on paper or digital. Supporting docs should be kept for 7 years except for those that support basis of any assets, keep those forever also.
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Old 07-18-2012, 06:50 AM
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Originally Posted by fishtale View Post
As a CPA i recommend to clients to keep income tax returns forever, whether on paper or digital. Supporting docs should be kept for 7 years except for those that support basis of any assets, keep those forever also.

Seriously? I've got tax returns back to when I was in high school and college. Carrying this crap from place to place for the rest of my life seems like overkill..and I'm not about to spend the next 3 weeks scanning the tub full of it I have.

Is there really a need to have anything over 7 years old? Whats the law on how far back the IRS can audit?
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Old 07-18-2012, 07:22 AM
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Originally Posted by fishtale View Post
As a CPA i recommend to clients to keep income tax returns forever, whether on paper or digital. Supporting docs should be kept for 7 years except for those that support basis of any assets, keep those forever also.
Don't most CPAs and tax people do this for their customers?
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Old 07-18-2012, 07:29 AM
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Originally Posted by Joe View Post
Seriously? I've got tax returns back to when I was in high school and college. Carrying this crap from place to place for the rest of my life seems like overkill..and I'm not about to spend the next 3 weeks scanning the tub full of it I have.

Is there really a need to have anything over 7 years old? Whats the law on how far back the IRS can audit?
If the IRS suspects tax fraud, they can audit as many past years' returns as they choose.
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Old 07-18-2012, 08:19 AM
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Originally Posted by fishtale View Post
As a CPA i recommend to clients to keep income tax returns forever, whether on paper or digital. Supporting docs should be kept for 7 years except for those that support basis of any assets, keep those forever also.
I'm a CPA too and that is what I'd recommend.
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