Individual Financial Records – Do I Need to Keep That?

It is never a bad time to plan for your next tax filing date. Do you know what you should keep and what you can throw away? Here are a few guidelines when it comes to your Individual tax filings

KEEP PERMANENTLY

  • Gift Tax Returns (with schedules and supporting documentation)
  • Medical Records

KEEP FOR 7 YEARS

  • Contracts

KEEP FOR 3 YEARS

  • Home records regarding purchase and improvements to your home
  • Annuities – proof of investment

interested in viewing the full Guide to retention of individual financial records? Download our Personal Record Retention Guide!

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