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Posted by skdeardorff on December 16, 2006, 11:20 pm
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Using Quicken 2005, on Win Xp pro.
>From a practical point of view, how long should I keep receipts? Any
IRS guidelines?
In general, I'm looking for any "best practices" regarding how most
Quicken users deal with receipts. Do most people keep them for a year,
for example, then shred them?
Related questions would be, "How long to keep ATM receipts?", and "How
long to keep bank statements?" All of the above assume the
transactions have been reconciled and that they are fine.
Thanks!
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Posted by Garry on December 17, 2006, 12:17 am
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The odds of an IRS audit are low for most people (though higher for
people with higher income, self-employed, people in business that
involve a lot of cash, etc.). But, the IRS has up to three years to
audit your return (or longer in the case of fraud). So it makes sense
to keep any records you might need to support your return at least
three years.
For capital assets -- like a house -- you may need to keep records much
longer, because you have to report gain (and maybe loss if it's a
business asset) on the asset when you sell it, and the calculation
depends on original cost, how much money you've put into it since, any
depreciation you've taken over the years (if you use part of the house
for business or rental, for example), etc.
skdeardorff@sbcglobal.net wrote:
> Using Quicken 2005, on Win Xp pro.
>
> >From a practical point of view, how long should I keep receipts? Any
> IRS guidelines?
>
> In general, I'm looking for any "best practices" regarding how most
> Quicken users deal with receipts. Do most people keep them for a year,
> for example, then shred them?
>
> Related questions would be, "How long to keep ATM receipts?", and "How
> long to keep bank statements?" All of the above assume the
> transactions have been reconciled and that they are fine.
>
> Thanks!
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Posted by Notan on December 17, 2006, 12:31 am
Please log in for more thread options skdeardorff@sbcglobal.net wrote:
>
> Using Quicken 2005, on Win Xp pro.
>
> >From a practical point of view, how long should I keep receipts? Any
> IRS guidelines?
>
> In general, I'm looking for any "best practices" regarding how most
> Quicken users deal with receipts. Do most people keep them for a year,
> for example, then shred them?
>
> Related questions would be, "How long to keep ATM receipts?", and "How
> long to keep bank statements?" All of the above assume the
> transactions have been reconciled and that they are fine.
You're best off contacting a tax professional, who can tailor an answer
to your own personal needs.
A newsgroup, such as this, is *NOT* a good place to come to, for legal
advice.
Notan
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Posted by Ralph Cassano on December 17, 2006, 7:49 am
Please log in for more thread options http://www.ricedelman.com/planning/basics/whattokeep.asp
> Using Quicken 2005, on Win Xp pro.
>
>>From a practical point of view, how long should I keep receipts? Any
> IRS guidelines?
>
> In general, I'm looking for any "best practices" regarding how most
> Quicken users deal with receipts. Do most people keep them for a year,
> for example, then shred them?
>
> Related questions would be, "How long to keep ATM receipts?", and "How
> long to keep bank statements?" All of the above assume the
> transactions have been reconciled and that they are fine.
>
> Thanks!
>
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Posted by skdeardorff on December 17, 2006, 8:04 am
Please log in for more thread options Ok, thanks for the advice as it relates to the IRS. Over and done
with, won't ask for tax advice in this forum anymore.
However, I'm really more looking for practical advice, just from those
who actually use Quicken, and are thus more serious about their
finances in general. My question is -
at what point, personally, does the cost of keeping receipts outweigh
the benefit? Do most users keep them sorted by payee/vendor? Is there
a better way? Do people file their health receipts with their
insurance EOB's? I'm looking for one or two specific tips in order to
tame the paper tiger. Thanks again for the responses !
> >
> > In general, I'm looking for any "best practices" regarding how most
> > Quicken users deal with receipts. Do most people keep them for a year,
> > for example, then shred them?
> >
> > Related questions would be, "How long to keep ATM receipts?", and "How
> > long to keep bank statements?" All of the above assume the
> > transactions have been reconciled and that they are fine.
> >
> > Thanks!
> >
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