Record Keeping
Please don't consider this an exhaustive list, and independently verify everything as rules continually change. If you know of changes or additions, please e-mail them. And, when in doubt, keep the paper. Protect your identity by shredding any records that you discard.
Bank Account Statements - Keep bank account statements that have any tax or other long-term significance for seven years. Statements not containing this type of information can be shredded after one year.
Canceled Checks - Keep canceled checks related to purchasing or selling a home or renovations and other improvements to a home indefinitely. Hold canceled checks that support charitable contributions, tax payments, or tax returns for at least seven years (covering the six-year tax assessment period). Keep other canceled checks for one year. And when you are ready to dispose of a canceled check, shred it.
Capital Gains Records - Keep records of mutual funds, stock purchases and sales, dividend reinvestments, etc. and information about the length of time you have owned the assets. Some brokerage firms give a year-end statement that can be kept rather than the detail. Keep these records for at least seven years after you no longer own the investment.
Credit Card Contracts - Keep credit card contracts as long as the account is active in case you have a dispute with your lender over the terms of the contract.
Credit Card Statements - Keep credit card statements that have any tax or other long-term significance for seven years. Statements not containing this type of information can be shredded after one year.
Health Information - Shred old documents containing health information to help protect yourself against health insurance fraud.
Homeowner Records - Though you do not need to keep records and costs associated with past houses after you sell your current house and buy your next house, if you have ever deferred the gain on the sale of a house and rolled it into your current one, you'll need the home sales records to compute the taxable gain when you sell (though not likely to be challenged if the house sells for less than $500,000.). Keep in mind that single people can exempt only $250,000 from tax, so this makes it more necessary to save these records if you are, say, divorced or widowed and end up with the house. And some advise you to keep records anyway, like documents showing how much you paid for the house, the cost of any major home improvements over the years, and any depreciation.
IRA's
Education IRA - Keep track of the account in general as well as the age of the beneficiary (no contributions after the beneficiary turns 18, and balances must be used before the benficiary turns 30, though unused balances can be rolled over to another child) and that any disbursements went to qualified higher education expenses.
Roth IRA - Keep records of contributions until age 59.5, because holders may make an early withdrawal of contributions without tax penalty.
Traditional IRA - Keep a record of any non-deductible contributions so that you are not taxed a second time at withdrawal.
Loan Agreements - Keep loan agreements for the life of the loan in case you have a dispute with your lender over the terms of the agreement.
Monthly Bills - Keep monthly bills for one year to compare them with the previous year to help you check for any major changes. Shred them after a year.
Paystubs - Once you check paystubs against your W-2 and other tax forms, if everything looks consistent, you can shred them.
Receipts - Keep ATM, credit card, debit card, and deposit receipts until you have verified that the information appears and is accurate on a statement.