Saving Paperwork

John Rice on

How long should we save our paperwork such as our
statements, tax forms and supporting documents? Do we need
to keep everything until every one of our stocks (on that
form) is sold?

Lynn Ostrem on

If you are an investment club, operating under a federal tax ID number, I recommend 7 years. If you are an individual, 3 years is the minimum, but I highly recommend keeping your statements until you no longer hold those stocks if it's longer than 3 years.

--
Lynn Ostrem, Minneapolis
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Join me at InvestEd 2009
August 7-9, Salt Lake City, UT
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iras1 on

Supporting documentation should be kept 7 years for federal tax returns, longer if your state has a longer statute of limitations for audit than the IRS.

You should keep copies of purchase confirmations until you sell the shares and then keep the paired buy and sell for 7 years.

You should keep copies of filed tax returns permanently.

Ira Smilovitz

In a message dated 02/15/09 02:03:50 Eastern Standard Time, ricej1969@bivio.com writes:

How long should we save our paperwork such as our
statements, tax forms and supporting documents? Do we need
to keep everything until every one of our stocks (on that
form) is sold?

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