How long should you keep old utility bills?

Utility Bills: Hold on to them for a maximum of one year. Tax Returns and Tax Receipts: Just like tax-related credit card statements, keep these on file for at least three years. House and Car Insurance Policies: Shred the old ones when you receive new policies.

Should you keep old utility bills?

Keep for a year or less – unless you are deducting an expense on your tax return: Monthly utility/cable/phone bills: Discard these once you know everything is correct. Credit card statements: Just like your monthly bills, you can discard these once you know everything is correct.

What records should be kept for 7 years?

Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction. Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return. Keep records indefinitely if you do not file a return.

How long should you keep old telephone bills?

Monthly utility/cable/phone bills: Once you know the bill is correct, toss it. But if you deduct some of these costs on your tax return, you'll want to save them with your return (more on that in a moment).

Is there any reason to keep old bank statements?

It's worth keeping old bank statements in case you are audited by the IRS and need to review information from a previous tax return. The IRS may ask about returns filed in the last three to six years.

How Long Should I Keep My Old Paperwork/Receipts?

Should I shred 20 year old bank statements?

Old Bank Statements

Even if they're old bank statements, they should be shredded. Your name, address, phone number and bank account information are in those statements, along with your habits, purchases and banking history. Even if the account is closed, shred it anyway.

How long do you have to keep checkbook registers?

Checkbook Registers: Up to 10 Years

“Not only are they the story of a year, but if you use them regularly, it's a reference for expensive purchases or services that you didn't keep receipts for.” (Plus, these are records that do not exist digitally, meaning you need to keep them longer.)

How long should you keep gas and electric bills?

*Utility bills: Keep a record for a year, in case of problems and so you can compare when it comes to deciding on a new deal.

What papers to save and what to throw away?

Active Contracts, Insurance Documents, Property Records or Stock Certificates. How long to keep: Until they are no longer active. Keep all these items while they're active. After contracts are completed or insurance policies expire, you can discard these documents.

How long should you keep Internet bills?

You can make inquiries about your energy bills years after settling them. Therefore, keep gas, electricity and water bills for 5 years. Home phone, mobile, and internet bills should be kept for 1 year.

What records must be kept for 10 years?

Legal Documents

For example, documents such as bills of sale, permits, licenses, contracts, deeds and titles, mortgages, and stock and bond records should be kept permanently. However, canceled leases and notes receivable can be kept for 10 years after cancellation.

Do I need to keep bank statements for 7 years?

KEEP 3 TO 7 YEARS

Knowing that, a good rule of thumb is to save any document that verifies information on your tax return—including Forms W-2 and 1099, bank and brokerage statements, tuition payments and charitable donation receipts—for three to seven years.

What personal records should be kept permanently?

To be on the safe side, McBride says to keep all tax records for at least seven years. Keep forever. Records such as birth and death certificates, marriage licenses, divorce decrees, Social Security cards, and military discharge papers should be kept indefinitely.

How far back can utility companies bill you?

If you haven't received an accurate gas or electricity bill for over a year, you might not have to pay for all the energy you've used. Under 'back billing' rules, your supplier cannot send you a bill for energy you used more than 12 months ago.

Should you shred your bills?

After paying credit card or utility bills, shred them immediately. Also, shred sales receipts, unless related to warranties, taxes, or insurance. After one year, shred bank statements, pay stubs, and medical bills (unless you have an unresolved insurance dispute).

How long do you have to keep mortgage statements?

Most homeowners typically keep their statements for about 3 years. Even though your lender will have copies of your monthly billing statements, it's a good idea to have the physical ones on hand. You may want to keep each one for a longer period of time if you notice a mistake on one of your statements.

How long do you have to keep old credit card statements?

According to the IRS, it generally audits returns filed within the past three years. But it usually doesn't go back more than the past six years. Either way, it can be a good idea to keep any credit card statements with proof of deductions for six years after you file your tax return.

What mail should I keep?

Tax returns and supporting documents (keep for at least three years, but ideally up to seven) Pay stubs (keep for at least six months, but ideally up to one year) Social security statements (keep current copies) Year-end retirement fund statements (keep current copies)

How long should you keep store receipts?

How long should I save them? If you claim something on your taxes, you need to keep the receipt for at least 7 years. This is the threshold for the IRS to audit your tax filings. Then if the IRS does decide to audit you, you will have the necessary paperwork to show that you made those purchases.

Am I responsible for utilities after I move out?

If a tenant vacates the property, the landlord becomes responsible for all utility bills until a new tenant begins their lease. These gaps between tenants are often called void periods, and it is best to keep energy use and utility outgoings to a minimum during these gaps.

How far back can a water company charge you?

There are no legal limits to amount they can recover, but in practice they may decide to charge you for this year plus the last six years. The Consumer Council for Water can give information on how debts have been recovered by water companies in the past.

How long is gas considered old?

The Shelf Life of Fuel

Regular gasoline has a shelf life of three to six months, while diesel can last up to a year before it begins to degrade. On the other hand, organic-based Ethanol can lose its combustibility in just one to three months due to oxidation and evaporation.

Do I need to keep old check books?

Some people recommend keeping checkbook registers for at least 12 months in case “issues” (questions about payment) arise and because some checks may take a while to clear.

What are important papers to keep?

How long do you have to keep 401k statements?

Only hang onto your quarterly statements from your 401(k), 403(b) or other retirement plans until you receive the annual summary. Afterwards, I recommend that you shred the quarterly statements.