Spring Cleaning: What Should You Keep, How Long, And Where?

March 23, 2012 12:00 AM
Spring Cleaning: What Should You Keep, How Long, And Where?
" BOSTON (CBS) – Most of us keep too much of the paper that comes into our homes. Common sense should prevail about what to keep and how long. A warranty for a clock radio that is 10-years old is really just a keepsake and can be tossed.

What Should You Keep

A word of advice: when tossing old documents, if they have pertinent information like your name, credit card number or Social Security number on them, use a shredder or a pair scissors.

So what should you keep? The following is an excerpt from my most recent book, Money

Taxes: Maintain a separate file for each calendar year for your personal tax data: records of income, transactions such as property sales, itemized deductions, etc. IRAs or pension contributions should be noted in this file as well as having a folder of their own. Keep copies of Form 1099s, as well as any documentation of your deductions, such as cancelled checks. Keep tax returns for at least 7 years "

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