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Spring Cleaning: What Records Should I Keep?

Steve Finkelstein, CFP®, Megan Gehrman, CFP®, Luke Strom, CFP® | February 9, 2021

Spring Cleaning Your Documents and Records

With spring around the corner (and the inevitable spring cleaning); we wanted to share a few quick items for you to consider when thinking about cleaning out some of your old files.

How Long Should I Keep Certain Documents?

The general statue of limitation for assessment of additional taxes owed from the IRS is 3 years from the date you file your return. Some exceptions do apply in regards to unreported income or fraudulent returns – which increase the time frame for statute of limitation in an audit.

Common Financial Records and Length of Time to Hold

Capital gains and loss records: 3 years from date filed in a return
Expenses on your home: until home is sold
Business records: 39+ years due to depreciation time frame on non-residential real estate
Employment, bank, and any brokerage statements: 3 years from date filed in return
Old tax returns: Generally 6+ years to satisfy unreported income statute of limitation

Items to NEVER Discard

Estate planning documents (wills, trusts, health care directives, etc.)
Birth, death, marriage, baptismal certificates
Divorce agreements
Passports
Social Security cards

Steven C. Finkelstein, CFP®, Megan E. Gehrman, CFP®, and Luke J. Strom, CFP® are Financial Advisors at Sterling Retirement Resources, Inc., 8401 Golden Valley Road, Ste 225, Golden Valley, MN 55427. 763-762-3400.

Securities and advisory services offered through Cetera Advisor Networks LLC, Member FINRA/SIPC, a Broker-Dealer & Registered Investment Advisor. Some advisory services also offered through AdvisorNet Wealth Management. Cetera is under separate ownership from any other named entity.