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Record Retention for Personal Records

catchrdude said: "Hi everyone, Wasn't sure where to put this post, so I thought it should go here......hopefully someone will see it! Since I have been working on getting my father's paperwork in order (he can no longer do it on his own)...I have come across a dillema... HOW LONG ARE YOU SUPPOSED TO KEEP RECORDS OF EVERYTHING? I have been to numerous sites ...each saying different things...if anyone knows "for sure" or has a trusted site they would recommend it would be a godsend! Peace, Catch :confused: :)"

David said: "Use the rule of thumb handed down by the IRS. I normally keep everything 10 yrs and toss it. But because you can scan everything and burn it to a cd or dvd.. you should be able to toss the paper work and keep a copy of it on CD or dvd. happy scanning."

catchrdude said: "Thanks for your input.... I guess that would make a lot of sense for tax records and the like...but 10 years worth of credit card bills? YIKES! I have about 3 years in a 4 drawer filing cabinet.....already..... HELP! :eek:"

SLCKev said: "I think it depends on what type of information it is. If it involves captial gains on real esate, I never throw anything away. On the other hand, some records can be disposed of in a few years."

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