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
Gibsonia Office: 103 Ringneck Court, Gibsonia, PA 15044
Business Hours: 8:30 AM – 5:00 PM and By Appointment
Phone: 724.720.9452