What personal finance records should we keep at home or in safety box?
I keep everything at home and a lot of it I did not need, but recently moved and somehow lost most of it. Yes, I certainly do blame myself….How many years of tax returns should we keep and where? ( i can only find 2 yrs back) What documents should we have concerning our home (title, deed of trust, etc). Where and how can I get copies of these docs that I need?
Here is the IRS’ guidelines for keeping documents: http://www.irs.gov/businesses/small/article/0,,id=98513,00.html
Personally, I keep all tax records for ten years because the IRS has that amount of time to go back and pursue you for unpaid taxes (even though the SOL on an audit is 3 years, I’ve heard a lot of horror stories). You may not be that a-r, but you can get copies of past returns from the IRS for a fee.
You can get copies of your titles and deeds of trust for property from the courthouse in your county of residence, or from the lender if you still owe. Automobile title copies can be purchased from the bureau of motor vehicles.
In addition, you should keep copies of wills, powers of attorney (medical and general), life, auto and homeowner’s insurance policies, and your bank statements (I keep the past 5 years of those).
I also have a special section for warranty papers on household items we purchase.
Other things to keep in that box:
Your will – go to your library or bookstore and get a book on wills and living trusts.
Your home insurance papers
Your car title
Your life insurance policy from work and others
An extra key for your home and cars – so you know where it always is.
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References :
bank statements for 7 years tax returns 7 years. The most valuable go in the safety deposit box like deed on home Wills and insurance policy’s and banking information for any named executor in case of death
References :
Here is the IRS’ guidelines for keeping documents: http://www.irs.gov/businesses/small/article/0,,id=98513,00.html
Personally, I keep all tax records for ten years because the IRS has that amount of time to go back and pursue you for unpaid taxes (even though the SOL on an audit is 3 years, I’ve heard a lot of horror stories). You may not be that a-r, but you can get copies of past returns from the IRS for a fee.
You can get copies of your titles and deeds of trust for property from the courthouse in your county of residence, or from the lender if you still owe. Automobile title copies can be purchased from the bureau of motor vehicles.
In addition, you should keep copies of wills, powers of attorney (medical and general), life, auto and homeowner’s insurance policies, and your bank statements (I keep the past 5 years of those).
I also have a special section for warranty papers on household items we purchase.
References :