Sorting out your paper mountain – which documents should you keep?
For many who haven’t opted to go paperless, receipts, bills, pay stubs, tax forms, and other financial documents flood into the mailbox every month. For those who like receiving paper documents monthly, be aware of which financial documents you should keep and which ones you can throw away (recycle).
For your guide on what you should file away safely and what to slide into the shredder, read below!
Receipts – For anything you might itemize on your tax return, keep for three years with your tax records.
Home improvement records – Keep ahold of these for at least three years after the due date of the tax return that includes the income or loss on the home when it’s sold. When aiming to sell the house that you have made improvements to, aim to keep receipts for seven years as these may ...