Page 1 - August 2019 Alamitos Heights

A GUIDE TO PAPER MANAGEMENT …

WHAT SHOULD YOU KEEP AND FOR HOW LONG?
ome financial documents years after the due date of the if you’re audited by the IRS. RECORDS OF LOANS THAT
need to be kept, others tax return that includes the These records help track your HAVE BEEN PAID OFF
Scan be scanned and then income or loss on the home cost basis and the taxes you Keep for seven years.
shredded or tossed. Here’s a when it’s sold. If you plan owe when you sell stocks or
guide on what to keep and to sell the house, and you properties. Once you receive ACTIVE CONTRACTS,
for how long. In this age of have made improvements the annual summaries, you INSURANCE DOCUMENTS,
paperless documents, scanned to it, keep receipts for those can shred your monthly PROPERTY RECORDS OR
images converted to PDF’s are improvements for seven years. statements.
STOCK CERTIFICATES
readily accepted in place of the You may need them to lower Keep all these items while
ALLISON VAN WIG original. the taxable gain on the house You’ll need bank statements they’re active. After contracts are
BANK STATEMENTS
If you haven’t already opted when you sell it.
CA DRE #00985700 to go paperless, you might be for up to three years if you are completed or insurance policies
buried in piles of receipts, bills, MEDICAL BILLS audited by the IRS. If your bank expire, you can discard these
CINDY HINDERBERGER pay stubs, tax forms and other Keep receipts for medical provides online statements, you documents.
CA DRE #01902607 financial documents. But it expenses for one year because can switch to receiving your
doesn’t have to be that way. your insurance company may bank documents online and cut MARRIAGE LICENSE, BIRTH
We all have stuff to get rid request proof of a doctor visit
CERTIFICATES, WILLS,
562-754-8802 of so that is why on Saturday or other verification of medical down on paper. ADOPTION PAPERS, DEATH
August 24th Allison Van Wig claims.
CERTIFICATES OR RECORDS
TAX RETURNS
WWW.SUPERBROKER.COM of Van Wig & Associates, is The IRS recommends that OF PAID MORTGAGES
PAYCHECK STUBS
ALLISON@SUPERBROKER.COM having a complimentary FREE Keep paycheck stubs until the you “keep records for three Keep these documents forever.
Shredding Event in front of
her real estate office. Gather up end of the year and discard years from the date you filed Information contained in this
those papers that you have been them after comparing to your your original return or two article regarding document
meaning to get rid of and bring W-2 and annual Social Security years from the date you paid
them on down to 4435 E Village statements. the tax, whichever is later.” storage times is deemed to be
Road in Long Beach where you If you file a claim for a loss reliable but is not guaranteed
will find a huge commercial UTILITY BILLS from worthless securities or bad by the author and publisher.
shredding machine – the event Keep for one year and then debt deduction, keep your tax Please consult a Tax Advisor
starts at 8:00 a.m. and runs until discard — unless you’re claiming records for seven years. for verification.
Noon! a home office tax deduction, in
Need to know what to which case you must keep them
keep and what to Scan then for three years.
Shred? Here’s a guide of which
financial documents to keep CREDIT CARD STATEMENTS
and for how long: Keep until you’ve confirmed
the charges and have proof of
RECEIPTS payment. If you need them for
Receipts for anything you tax deductions, keep for three
might itemize on your tax return years.
should be kept for three years
with your tax records. INVESTMENT AND
REAL ESTATE RECORDS
HOME IMPROVEMENT Keep for three years since you
RECORDS may need the documentation
Hold these for at least three to support capital gains tax

PRESORTED STD U.S. POSTAGE PAID GREENFIELD, IN PERMIT NO. 67

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