How long should a person keep bank statements or utility payment records or income tax returns?

We are trying to clean out a storage facility and throw away as much as possible. I don't want to throw away something that would be important but i'm ready to really purge these files.

7 years! My father in alw is a CPA and he waits 7 years to throw anything out. Although only major things like tax and mortgage should be kept that long, smaller things like gas and electric and cel phone can be thrown out after 3 years if yopu really want to purge.

It's safe to pitch records after 7 years. Shred!!!

3 yrs is the rule of thumb for income taxes.

1-3 yrs is the rule for everything else.

Seven years. It's the same for the buisness I work for, We keep everything up to seven years old.

10 years would be best as that's the max length of time things stay on your credit report

Ipersonally keep bank records in my computer because I do on line banking. If you dont have a computer, you may want to keep your records for 12 months, but if you needed a copy of a certain month the bank will give you one for a small fee. Utilities I discard when I receive the new bill. Income Tax rule of thumb is 7 years.

All bank slips from ATM, all bills payment papers 1 year, Income tax return after 5 years, but I keep them regardless just in case something happens in 10 , 15 , or who knows how many years down the road could put me right in the courts. Same with bank statements. That is entirely up to you.

Depending on if you file indviual or business. Unless, you file a business or scheluded C , utilities aren't of any use.Anyway,your tax preparer should make copies of everything you bring them, so the only thing you should have to keek is your return. It is 5 yrs that the IRS can come back on request these things; unless there something illegal reported they can go back 10 yrs. If your not a business owner the only thing you'd need to save is mortgage interest & taxes(1098, I believe)reciects for daycare, property taxes such as vechile, boats, etc, unreinbursed eployee expenses you don't have to have proof of donations if lese than $500, and a reciept if more,also your tithes. It shouldn't be to much to keep in a manilla envelope w/ ur return marked w/ the tax year. I don't know if you have college age children, but make sure you get the Hopelife credit, you may only get it one time in the first 2 yrs of enrolling for college. I'm a tax preparer, so I could write much more. But, If you tell me a little more, like business or straight 1040 or both. Feel free to email me and I 'll try help more. apdavidsonpmc@yahoo.com
TKS<Amanda......

I generally keep things 10 years. Having old records really came in handy once, a utility company lost a law suit and I was owed money as part of a class action suit. Because I had records, I recieved $250.

Here is what IRS says re keeping records.

Note: Keep copies of your filed tax returns. They help in preparing future tax returns and making computations if you file an amended return.

You owe additional tax and situations (2), (3), and (4), below, do not apply to you; keep records for 3 years.
You do not report income that you should report, and it is more than 25% of the gross income shown on your return; keep records for 6 years.
You file a fraudulent return; keep records indefinitely.
You do not file a return; keep records indefinitely.
You file a claim for credit or refund* after you file your return; keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later.
You file a claim for a loss from worthless securities or bad debt deduction; keep records for 7 years.
Keep all employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.
The following questions should be applied to each record as you decide whether to keep a document or throw it away.

Are the records connected to assets?
Keep records relating to property until the period of limitations expires for the year in which you dispose of the property in a taxable disposition. You must keep these records to figure any depreciation, amortization, or depletion deduction and to figure the gain or loss when you sell or otherwise dispose of the property.

Generally, if you received property in a nontaxable exchange, your basis in that property is the same as the bases of the property you gave up, increased by any money you paid. You must keep the records on the old property, as well as on the new property, until the period of limitations expires for the year in which you dispose of the new property in a taxable disposition.

What should I do with my records for nontax purposes?
When your records are no longer needed for tax purposes, do not discard them until you check to see if you have to keep them longer for other purposes. For example, your insurance company or creditors may require you to keep them longer than the IRS does.

i was always told a year

I keep mine for 2 years .

keep them for at least ten years.because someone will find a way to make you pay twice after their records were mismanaged or destroyed.

Many people go between 2-7 years, but I'd suggest that you digitize your information, and ditch the paperwork after 5 years.

Best of luck!

income tax records = 7 years. i never keep utility statements after i have confirmed they recieved my payment and for the bank statements i would say 7 years also.

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