Page 1 - August 2019 Lakewood Edge

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.
readily accepted in place of the You may need them to lower STOCK CERTIFICATES
original. the taxable gain on the house BANK STATEMENTS Keep all these items while
If you haven’t already opted when you sell it. You’ll need bank statements they’re active. After contracts are
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
pay stubs, tax forms and other Keep receipts for medical provides online statements, you documents.
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 down on paper. CERTIFICATES, WILLS,
of so that is why on Saturday or other verification of medical ADOPTION PAPERS, DEATH
August 24th Allison Van Wig claims. TAX RETURNS CERTIFICATES OR RECORDS
OF PAID MORTGAGES
ALLISON VAN WIG of Van Wig & Associates, is PAYCHECK STUBS The IRS recommends that Keep these documents forever.
having a complimentary FREE
CA DRE #00985700 Shredding Event in front of Keep paycheck stubs until the you “keep records for three
years from the date you filed
her real estate office. Gather up end of the year and discard
562-882-1581 those papers that you have been them after comparing to your your original return or two Information contained in this
article regarding document
years from the date you paid
WWW.SUPERBROKER.COM meaning to get rid of and bring W-2 and annual Social Security the tax, whichever is later.” storage times is deemed to be
them on down to 4435 E Village statements.
If you file a claim for a loss reliable but is not guaranteed
ALLISON@SUPERBROKER.COM Road in Long Beach where you from worthless securities or bad by the author and publisher.
will find a huge commercial UTILITY BILLS
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

Go to: www.LakewoodPrices.com

INSIDE THIS ISSUE - AUGUST 2019

Discover Publications, 6425 Busch Blvd. Columbus, OH 43229 MONEY REFRESH YOUR RECIPE OF THE MONTH HORSING PROPERTIES DP #22374

WOLFGANG
YOUR
OUR
AROUND
HOEM DECOR
PUCK
FEATURED
TRAVEL
DESIGN
PAGE 7
PAGE 2
PAGE 9
PAGE 8
BACK PAGE