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Posted by kupchik on December 17, 2006, 9:16 am
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I keep all income tax related receipts for 3 years after I file the
return or 4/15 whichever is later. I do not sort them other than into
tax catagories to complete my return (waste of time) I just put them
all in an envelope with my income tax return. As mentioned above,
anything related to an asset that I still hold (house, stocks, bonds,
etc.) I keep until I dispose of that asset. For all other receipts,
(credit cards, checking, etc.) I keep for until January of the second
year, ie. I will throw out all 2004 in January of 2007 to insure that I
have receipts for my warranites.
Hope this helps.
skdeardorff@sbcglobal.net wrote:
> 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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