How long to keep documents?

[Cubswin]

I am in the cleaning mood tonight and giddy over the recent purchase of my paper shredder... so im cleaning out my file cabinets. how far back should i keep:

1) bank statements
2) credit card statements
3) bills
4) tax records

thanks,
cubs

[LondonBroil]

I'd keep all of them for 2 years except for the tax records, which I would probably do 7-10 just to be safe.

[Rhone]

You should be able to request old bank and credit card statements whenever you need them, so I don't see why you'd need to keep hard copies of those around. And bills? you mean like utility bills? why would you ever need those? Taxes I'd keep for a long time, maybe 7-10 years like the other person suggested...

[Cubswin]

i was thinking 7 years on the tax stuff as well... just wanted to be sure. as for the other stuff... im off to shred /images/graemlins/grin.gif

[Brain]

I clean out 1, 2, and 3 once a year.

Theoretically, you should keep your tax returns indefinitely, but 7 years should be enough since the IRS can generally only audit you within 3 years of your filing date and 6 years if you miss out on reporting >25% of your gross income.

That should do it.