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Personal Record Retention Schedule

There are no hard-and-fast rules about how long to keep your personal records. Here are some general guidelines but you should always check with your tax or legal advisor before destroying. At least once a year you should go through your files and records to weed out the papers that are no longer needed and shred them.

Document	Retention Period

Accident reports & claims	keep 3-6 years

Adoption papers	keep permanently

Appliance receipts	keep as long as you own the appliance

Art and antique receipts	keep as long as you own the item

ATM receipts	keep until reconciled with bank statement

Audit report	keep permanently

Auto insurance policy	keep as long as you own or until the statute of limitations runs out in the event of a late claim

Auto records (maintenance, repairs, registration, title)	keep as long as you own the vehicle

Bank deposit receipts	keep until reconciled with bank statement

Bank statements	keep for three months, if you will be applying for a mortgage or 3-6 years if needed for tax records

Birth certificate	keep permanently

Canceled checks	keep until reconciled with bank statement unless needed for tax records

Citizenship papers	keep permanently

Clothing receipts	keep for the length of the return period

Computer equipment receipts	keep as long as you own the equipment

Contracts	keep for life of contract, plus 3 years

Credit card receipts	keep until purchase appears on credit card statement, if not needed for warranties, merchandise returns or tax records

Credit card statements	keep for 3 months unless needed for tax records

Death certificate	keep permanently

Dividend payment records	keep until you receive the annual statement, then only keep statements

Divorce decree	keep permanently

Furniture receipts	keep as long as you own the item

Health insurance	keep until policy expires, lapses or is replaced

Home improvements & renovations	keep as long as you own your home, plus 3-6 years. Make sure that you get the satisfaction of lien from the contractors doing the work.

Home appraisal	keep as long as current

Homeowners’ insurance policy	keep until the policy expires, lapses or is replaced or until the statute of limitations runs out

Home repair receipts	keep for life of warranty

Household inventory	keep as long as current

Insurance policies (disability, liability, long-term care, personal property, umbrella)	keep as long as you own the policy or as long as the statute of limitations runs in the event of late claims

Investments (purchase records)	keep 3-6 years after it is sold as evidence of cost

Investments (sales records)	keep until transactions are correctly reflected on your statement

IRA records	keep permanently

Lease	keep for 3-6 years beyond the agreement

Life insurance policy	keep until there is no chance of reinstatement

Life insurance premium receipts	keep until policy notice reflects payment

Major purchase receipts	keep for life of the item

Marriage certificate	keep permanently

Medical (physician bills, prescriptions, hospital bills, etc.)	keep for five years after treatment has finished for particular ailment

Military records	keep permanently - they may be needed for veteran’s benefits

Mortgage documents	keep for 3-6 years beyond the agreement

Mortgage statements	keep for period of ownership plus 3-6 years

Passport	keep until it expires

Pay stubs	keep until reconciled with W2

Power of Attorney	keep permanently

Real Estate Records	keep as long as you own the property, plus 3-6 years

Resume	keep as long as current

Retirement/Pension records	keep permanently

Safe-deposit box inventory	keep as long as current

Tax returns (1040 & schedules, not worksheets or supporting documents)	keep permanently

Tax records (supporting documentation of income and deductions, tax worksheets, W-2, 1099s, etc.)	keep 3-6 years

Trust	keep permanently

Utility bills	keep one year to track annual usage unless needed for tax records

Warranties and instructions	keep for the life of the warranty or as long as you own the item

Will	keep current version permanently

3-years vs 6-years: All tax related records should be kept at least 3 years after the due date since the IRS has that amount of time to conduct an audit. For average taxpayers three years is enough. The 6-year rule applies to those with more complicated returns like the self-employed. The IRS has six years to do an audit, if it suspects you underreported your income by more than 25 percent.