Record Retention – Individuals 

Below are general guidelines for individuals.  If you have any question about destroying any tax or accounting records, please contact us.

Type of Record Length of Time
Income Tax Returns Permanently
Support for Income Tax Returns 7 years
Alimony, Custody, or Prenuptial Agreements Permanently
Bank Statements 1 year

7 years if needed for tax records

Cancelled Checks 1 year

7 years if needed for tax records

Charitable Contributions 7 years
Credit Card Purchase Receipts Discard after purchase appears on credit card statement unless needed for warranties, merchandise returns, insurance coverage, taxes
Credit Card Statements Discard after payment appears on credit card statement
Detailed List of Financial Assets Held Permanently
Employee Business Expense Records Keep with applicable tax returns
Form 1099s Received 7 years
Health Insurance Policies Keep until policy expires, lapses, or is replaced
Home & Property Insurance Keep until policy expires, lapses, or is replaced
Investment Annual Statements Keep with applicable tax returns
Investment Sale Confirmation Records Discard when sale is correctly reflected on the monthly statement
Investment Purchase Confirmation Records Three to six years after investment is sold as evidence of cost unless maintained by investment broker
IRA Contributions Permanently
Life Insurance Keep until there is no chance of reinstatement
Loan Records/Forms 1098 7 years following disposition, termination, or payoff
Medical Records Permanently
Medical Expense Reports Keep with applicable returns, if deducted
Military Papers Permanently as they may be required for possible veteran’s benefits
Passports Until expiration
Pay Stubs Current year until tax returns are completed
Person Certificates (birth, death, marriage, divorce, religious) Permanently
Photos or Videos of Valuables Permanently
Real Estate Documents Three to six years after property has been disposed of and taxes paid
Receipts Use judgement when discarding
Residential Records (Purchase & sale documents, improvement receipts, rental leases/receipts) Three to six years after property has been disposed of and taxes paid
Retirement Plan Annual Statements Until account is closed
Schedule K-1’s from Partnership or S Corporations 7 years following disposition, termination, or payoff
Social Security Statements Discard when current records of payments into the Social Security System are received
Trust Agreements Permanently
W-2 Forms Permanently
Warranties & Related Receipts/Documentation After expiration
Will Keep current will permanently.  Keep until rendered obsolete by a new version.

Questions? Contact Us.

Primary Office: 2009 Mackenzie Way, Suite 100 Cranberry Township, PA  16066

Business Hours: 8:30 AM – 5:00 PM and By Appointment

Phone: 724.720.9452

Additional locations available for your convenience

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