We are often asked, “How long should I retain my financial records?” Below is a quick reference for how long documents should be retained:
- Bank statements – 4 years
- Capital stock records – permanently
- Contracts, mortgages, notes, and leases (expired) – 7 years
- Deeds, mortgages, and bills of sale – permanently
- Insurance records, claims and policies – permanently
- Property appraisals – permanently
- Retirement and pension records – permanently
- Tax returns with supporting documentation – permanently
If in doubt of how long to keep a document— seven (7) years is a good rule of thumb