What to Keep - Individuals

A guide to retention of records for individuals

Keep Permanently

• Adoption papers
• Birth certificates
• Citizenship papers
• Death certificates
• Detailed list of financial assets held (update as needed)
• Dividend reinvestment records (or until sold + 7 years)
• Divorce decrees (includes alimony and custody papers)
• Estate planning documents (update as needed)
• Forms W-2
• Illness records
• Investment property purchase records (or until sold + 7 years)
• IRA annual reports
• IRA nondeductible contributions (Form 8606)
• Marriage certificate
• Military discharge papers
• Power of Attorney (update as needed)
• Prenuptial papers
• Real estate records
  • House records: canceled checks for purchase, major improvements and maintenance (or until sold + 7 years)
• Retirement plan annual reports
• Social security records
• Stock/mutual fund purchases (or until sold + 7 years)
• Tax returns – complex
• Trust agreements
• Vaccination records
• Year-end brokerage statements (or until sold + 7 years)

Keep according to statute of limitations

• Automobile insurance (in case of late claims)
• Homeowners’ insurance (in case of late claims)
• Liability insurance (in case of late claims)

Keep for seven years

• Bank deposit slips
• Bank statements
• Canceled checks (if for a deductible item)
• Certificate of deposit statements (after maturity)
• Charitable contribution documentation
• Contracts (until 7 years after completion)
• Credit card statements/receipts (if for a deductible item)
• Forms 1099
• Insurance policies (after expiration)
• Keogh statements/IRA records, deductible and nondeductible (after termination)
• Loan agreements (for 7 years after payment)
• Medical bills after payment
• Receipts, diaries, logs pertaining to tax return
• Schedule K-1s (after disposition)

Keep for three years

• Expense reports

Various retention periods

• Automobile title – as long as you own auto
• Copyrights/patents – as long as in effect
• Loan payment books – until the loan is paid
• Passports – keep current
• Paystub – until W-2 is confirmed
• Pension plan records – generally keep current year only
• Rental contracts – as long as in effect
• Safe deposit inventory – update regularly
• Safe deposit key – as long as you keep the box
• Wills/Letter of last instructions – as long as valid