Broker Check

Document Retention Guide  

How long should you keep your documents? 

Short-term (1-3 years)

  • Household bills, except those that support tax deductions (items such as heat, water, and electricity are generally short-term unless you deduct them for home office use or a rental)
  • Expired insurance policies

 Medium-term (6-7 years)

  • Tax returns and supporting information
  • Income and expense records (including lottery tickets and winnings)
  • Bank and credit union statements
  • Brokerage house statements
  • Canceled checks and check registers (checks for major purchases may be kept longer)
  • Paid-off loan documents
  • Personal property sales receipts

 Long-term (indefinitely)

  • Tax dispute records
  • Evidence of retirement plan contributions
  • Investment records
  • Medical history information
  • Pension/retirement plan documents
  • Social Security information

 Other (as noted)

  • Home ownership/sale documents: 7 years after sale or indefinitely
  • Home improvement records: 7 years after sale