How long do you need to keep financial documents?

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asked Dec 23, 2018 in Other-Finance by Claymon909 (290 points)
How long do you need to keep financial documents?

1 Answer

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answered Dec 23, 2018 by illicxit (360 points)
The IRS recommends you keep financial documents for 3 to 7 years.

It's best to just keep all financial documents for 7 years especially bank deposit slips, bank statements and bank receipts just in case of an audit.

I keep all financial documents for 7 years and then if I don't need them after 7 years I shred them up and dispose of them.

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