How Long Do I Keep It? Record Retention Guidelines for Individuals: Tax returns (uncomplicated) 7 years Tax returns (all other) Permanently W-2s 7 years 1099s 7 years Cancelled checks supporting tax deductions 7 years Bank deposit slips 7 years Bank statements 7 years Charitable contribution documentation 7 years Receipts & logs pertaining to tax returns 7 years Investment purchase and sale slips Ownership period + 7 years Dividend reinvestment records Ownership period + 7 years Year-end brokerage statements Ownership period + 7 years Mutual fund annual statements Ownership period + 7 years Investment property purchases Ownership period + 7 years Home purchase documents Ownership period + 7 years Home improvement receipts & cancelled checks Ownership period + 7 years Retirement plan annual reports Permanently IRA annual reports Permanently IRA nondeductible contributions Form 8606 Permanently Insurance policies Life of policy + 3 years (Check with your agent. Liability for prior years can vary.) Divorce documents Permanently Loan documents Term of loan + 7 years Estate planning documents Permanently  Record Retention Guidelines for Businesses: Accounting Records Accounts payable records 7 years Accounts receivable records 7 years Audit Reports Permanently Chart of Accounts Permanently Depreciation schedules Permanently Expense records 7 years Financial statements (annual) Permanently Fixed asset purchases Permanently General Ledger Permanently Inventory records 7 years Loan payment schedules 7 years Purchase orders 7 years Sales records 7 years Tax returns and supporting documentation Permanently Bank Records   Bank reconciliations 2 years Bank statements 7 years Cancelled checks 7 years Electronic payment records 7 years Real Property Records Construction records Permanently Leasehold improvements Permanently Lease payment records Life of lease + 4 years