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Record Retention
Families are mini-businesses!
Specific records should be maintained in a safe place for quick and easy access when time is of the essence. Good recordkeeping might also save you money (tax deductions, warranty repairs, claims for benefits due you).
Thankfully, the task is much easier today with the technology tools available to most families. It’s easy to securely access your personal computer from a remote location in order to view or print scanned copies of your most critical documents. Keep another PDF copy on a backup CD or USB storage device in a fireproof safe. You just might avoid hours, weeks, or months of aggravation in an emergency situation.
Refer to our “Family Permanent File” for suggested documents to keep on a permanent basis.
Listed below are additional records you may want to scan & maintain electronic copies for limited time periods:
- Tax returns and all supporting documentation for the income and deductions reported – keep for minimum of 6 years after filing the tax return.
- Personal bookkeeping reports (if software program used) – or records of online banking activity, or bank statements with deposit and check writing detail – keep minimum of 3 years. (6 years, if any of your personal expenses were used for home office or other business deductions)
- Records to substantiate the cost & reinvested dividends (when applicable), stock splits, and all transactions related to investments – keep for 6 years after your disposition date
- Records to substantiate the cost of all real estate (including your principal residence) and any permanent improvements made to it. – Keep for 6 years after the date of your sale or disposition
- Service contracts and warranties – keep as long as you own the property or a contract expires
- Loan Agreements – keep until the debt is paid off, and you receive acknowledgement from lender, if applicable
- Scan copies of your birth certificate, Social Security card, driver’s license, passport, credit cards, and consumer insurance policies, and current licenses (concealed weapons, sport fishing, hunting, etc)
- Maintain an itemized list of personal jewelry (with appraisal copies) and home inventory (with video of valuable personal property) for insurance purposes
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