Records Retention Schedule for Individuals

It is important to hold onto your records in case of an IRS audit or other examination. Retaining unnecessary records will soon exceed storage space available for most individuals. Therefore, you may wish to establish a retention schedule that takes into account state and federal regulations, as well as industry standards. The retention periods are intended as a general guideline only. If you have questions about destroying any tax or accounting records, please contact a Somerville & Company, P.L.L.C. professional immediately at (304) 525-0301.

Record retention schedule guide for individuals

Document	Retention Period
1099s	7 yrs
Accident Reports/claims (unsettled cases)	7 yrs
Bank deposit slips	7 yrs
Bank statements	7 yrs
Capital stock and bond records	Permanently
Charitable contribution documentation	7 yrs
Checks (canceled checks for important payments, Special contracts, purchases of assets, payment of taxes, etc. Checks should be filed with the paper pertaining to the underlying transaction)	Permanently
Checks (canceled except those noted above)	7 yrs
Contracts and leases (expired)	7 yrs
Contracts and leases still in effect	Permanently
Dividend reinvestment records	Ownership period + 7 yrs
Divorce documents	Permanently
Estate planning documents	Permanently
Home improvements receipts and canceled checks	Ownership period + 7 yrs
Home purchase documents	Ownership period + 7 yrs
Home repairs receipts and canceled checks	Ownership period + 7 yrs
Insurance policies	Life of policy + 3 yrs
Investment property purchase	Ownership period + 7 yrs
Investment purchase and sales slips	Ownership period + 7 yrs
IRA / Keogh plan annual reports	Permanently
IRA / Keogh plan contributions, rollovers, Transfers and distributions	Permanently
IRA nondeductible contributions Form 8606	Permanently
Loans	Term of loan + 7 yrs
Mutual fund annual statements	Ownership period + 7 yrs
Retirement plan annual report	Permanently
Tax returns	Permanently
W-2s	7 yrs
Year-end brokerage statements	Ownership period + 7 yrs

Note: Guidelines for maintaining records are based on a taxing authority's statutory power and limitations on auditing these records.