How long should a person save financial records?

I have boxes and boxes of bank statements,, check carbons, pay stubs, etc. How many years are they actually relivant for?

Answer:
The problem with the 7 year rule is your Schedule D. When you sell something, you need to know how much you paid for it to calculate the taxes. If you bought it more than seven years ago, those records may be the only way to know this.

I'd keep them as long as you have space. If nothing else, your kids/grandkids might find them interesting (or useful for a school project). There's a lot of information on addresses, family members, etc.

in theory seven. But you know the IRS, they can attack you at any time

Seven years..

But don't take my word for it.

7 years

Always relevant - banks / mortgage companies can sometimes want up to 3 years worth though.
Organise and file hon.

7- years then shred them carefully.

IRS can go back 9 years from the date of filing

7 years is what I've always heard.

According to the IRS you are supposed to save all finacial statments for seven years. That includes bills, stubs, receipts, and previous tax forms.

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