Individuals
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Record retention schedule guide for individuals
Questions?
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.
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.
| Retention Schedule | |
|---|---|
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.
