Sane Advice on Managing Paperwork.
- Thread starter Tengu
- Start date
Anything relating to income tax for seven years. Everything else (utility bills etc.) no more than a couple of years. Receipts for expensive purchases for three years or so in case you need to take them back.
What British Red says. I keep the annual statements of interest from places like banks but shred the ongoing statements after a year or so. If you have other investments again the ongoing valuations aren't important, what the tax man is interested in is income and profits/losses so you need to keep dealing slips and dividend information. I shred bills after about a year when I'm pretty sure there isn't going to be any query about them.
Be ruthless, at least a bit. I've recently dealt with my father in law's paperwork after his death and it was clear that most of the stuff he kept as "important" really wasn't - but it took another eye to see it.
Of course, he came from a generation that needed documents for everything. If you can scan things, then you can chuck the physical papers and still keep a record. And if the scanning seems a pain, that's probably an indicator that the paperwork is unnecessary too.
Of course, he came from a generation that needed documents for everything. If you can scan things, then you can chuck the physical papers and still keep a record. And if the scanning seems a pain, that's probably an indicator that the paperwork is unnecessary too.
Exactly. I usually file such receipts in the same envelope as the tax documents for that applicable year: 2013 receipts with the 2013 tax return, etc.)
For the taxman yes, but should something happen to you, your heirs might appreciate a recent statement showing approximate current value.
Yes. I have property tax receipts from the 1950s that my parents kept. They had absolutely no need to keep them beyond 3 or 4 years (and I don't keep mine any longer than I keep the associated income tax file where I claim the property tax as a deduction) but now, those 1950s receipts are actually something I can't bring myself to trash.
Thanks very much. I hate to chuck anything out...Its the times I have got rid of something only to need it later...How I detest that calamity.
Im also not very good at deciding whats important and what isn't.
I know they say that when you sort thing out, you have 3 piles.
KEEP
GET RID OF
UNCERTAIN
...With me, most ends up on the uncertain.
Im also not very good at deciding whats important and what isn't.
I know they say that when you sort thing out, you have 3 piles.
KEEP
GET RID OF
UNCERTAIN
...With me, most ends up on the uncertain.
