how long do you keep your records/receipts?

[VINMAN]

How long do you keep your statements, records, receipts etc.??

I know what the normal recommendations are, but was just curious about everyones practices.

Just about all of mine got destroyed last yr when my basement flooded anyway.

[LeeH]

I have 12 files, one for each month. I also have a seperate file for tax receipts. All of my receipt from August go into the August file. September's file still has last September's receipts. I'll shred Sept 2011 receipts on Sept 1 and start putting new September receipts in that file. That way I always have a rolling 12 months of receipts available sorted by month. Makes it easy to track something down when the need arises. Anything that's going to need to be kept for taxes goes into the current year's tax file and stays with the return.

[VINMAN]

So basically month by month, year to date. Sort of what i do myself. Just not that organised...

[Zeke]

I have records back way further than needed if that's the sort of info you're pooling.

I was going to say I have records from when I was 12, but they are 45's.

[VINMAN]

I have a ton of those too.

Just putting my shredder to good use and gettin rid of some paper clutter

[herr_oberst]

Way too long. I've got receipts going back to the Carter administration....

(I've never heard a definitive answer on how long to keep tax records, so, I have 'em all! )

Of course, the bitter irony here is that when I absolutely need something-a-matter-of-life-or-death, no amount of turning the house upside down will reveal it's whereabouts.

[WolfeMacleod]

Seven years. Groan. That's what I was told by my tax lady, becasuye of my business.

I'm just starting to shred crap from 2003 this week...

[peppy]

3 years is all you need unless it is a business and I think you need payroll records for 10.

[McLovin]

I keep receipts around 5 years.

Records I keep a long time, though. I still have Cat Scratch Fever, Frampton Comes Alive and even some Bay City Rollers in my closet.

[Buckterrier]

I use to keep them diligently. But with online banking etc. I've pretty much stopped saving receipts except tax stuff.

[GH85Carrera]

I have tax returns for 10 years. The only receipts I keep are for some product with a long warranty. I have my records in Quicken going back to Quicken Ver I that came on floppies. I just update my quicken program every couple of years.

[on2wheels52]

I have to keep the FFL 4473 forms for 20 years but have all 27, they were much thinner back then and don't take up much space. My shop has a room that isn't terribly usable for other storage so my records go there. Probably have 10 years worth of tax receipts there , and I think all the old pawn tickets (they don't really take up much space). Perhaps when I've quit for a few years I'll take a look at them.
Jim