Question: How Long Should You Keep Old Bills?

What papers should you keep and for how long?

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 long should I keep old credit card statements?

Credit Card Statements: Keep them for 60 days unless they include tax-related expenses. In these cases, keep them for at least three years. Pay Stubs: Match them to your W-2 once a year and then shred them. Utility Bills: Hold on to them for a maximum of one year.

Do I need to keep old closing documents?

The U.S. government recommends that you hang on to any deeds as long as you own the property. But if you’ve paid off your mortgage, and the deed to your property has been recorded in land records, the documents can be tossed. That’s because most municipalities have copies of these documents available online.

What do you do with old credit card statements?

To make sure your credit card statements don’t fall into the wrong hands, shred them. You can buy an inexpensive shredder from an office supply store or online. It’s worth having one so you can properly dispose of old credit card statements and other old financial records that contain personal identifying information.

How long should you keep your bank statements?

one yearKey Takeaways. Most bank statements should be kept accessible in hard copy or electronic form for one year, after which they can be shredded. Anything tax-related such as proof of charitable donations should be kept for at least three years.

How long should I keep bank statements and utility bills?

Chart: What records to keep, how long to keep themDocumentHow long to keep itCredit card statementsOne monthPay stubsOne yearBank statementsKeep monthly statements for one year. Keep annual statements related to your taxes for at least seven years.Utility and phone billsOne month5 more rows•Mar 15, 2010

How long should you keep mortgage bills?

three yearsYou should receive a copy of your property tax statement once or twice a year, or perhaps quarterly depending on your state. This report will detail the estimated worth of your home, the tax rate, and how much your tax bill will be. Homeowners should keep these statements for at least three years.

Should I keep old medical bills?

Keep medical bills until you have paid the bill in full. Hang on to them for an additional year, especially if you plan on deducting the expenses on your income tax return. … Unlike medical bills, EOBs should be kept from three to eight years after your procedure, or indefinitely if you have a reoccurring condition.

How many years of medical records should you keep?

In California, where no statutory requirement exists, the California Medical Association concluded that, while a retention period of at least 10 years may be sufficient, all medical records should be retained indefinitely or, in the alternative, for 25 years.

Is there any reason to keep credit card statements?

Credit card statements. Most experts say you can toss monthly statements once you’ve checked them for accuracy unless they’re your only record of a tax-related transaction. If you end up needing a statement for some reason, most banks archive them for you online.

Do I need to shred my utility 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).