By Al Ricci
Tax season is the perfect time to start culling your paper piles and computer files and getting everything in order. You’ve already delved into your financial records, so you might as well take the time to organize them. Ricci Realty and North Hills Realty will also be having our annual shredding event, to help you safely dispose of those unwanted papers. See below for details, or feel free to contact our office anytime.
Property records: As long as you own the property, plus several more years as proof of paid-off loans; mortgages, escrow instructions, title insurance policy, deeds, loan agreements, photos, ID numbers of valuables.
Family papers: Indefinitely; birth, marriage and death certificates, divorce and settlement papers, military discharge papers, adoption papers, school transcripts and diplomas.
Estate materials: Indefinitely; wills, trusts, burial instructions.
Tax records: Seven years (required by the government); returns and supporting documents.
Home improvements records: Until home is sold and tax liability is settled; receipts, contracts and records of costs.
Investment records: At least three years beyond sale for tax purposes; retirement materials, indefinitely; securities, buy and sell orders, cancelled checks, statements and contracts for retirement plans.
Bank account records: Certificates of deposit (CDs) until maturity; others as long as needed for related tax matters; cancelled checks, registers, statements, receipts.
Credit account records: Until obligation is discharged; longer to support tax deductions; list of cards, records of payments.
Master lists of assets and liabilities: Update annually; record of financial accounts, property owned, insurance coverage taxes.
Ricci Realty/North Hills Realty Business Card: Indefinitely; we are always just a phone call away for all your real estate needs.
How long to keep tax records and other documents