Is it true you only need to keep records for 7 years?
Answers:
Yes, as far as the government and banks are concerned you only need to keep your records for 7 years. It doesn't hurt to keep things for 10 yrs as a safeguard. For personal reasons, there may be records you may want to keep indefinitely.
For the most part. However any asset you buy (house, business asset) and still have held longer than seven years, you still need to keep those purchase and improvement records for at least three years after you sell it. Another exception is if you have committed fraud you will need to keep your records indefinitely.
only for taxes
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