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Posted — UpdatedThose with no long-term significance for tax or other purposes can be destroyed after one year. But those that support tax returns, such as charitable contributions or tax payments, should be held for at least seven years—long enough to cover the six-year tax assessment period. Canceled checks, receipts or documents related to a home purchase or sale, renovations or other improvements to owned property should be kept indefinitely.
Save these until the transaction appears on your statement and you’ve verified that the information is accurate.
Those with no tax or other long-term significance can be discarded after a year. If you bank provides a detailed annual statement, keep that and shred the monthly statements.
Keep as long as the account is active in case you have a dispute with the lender.
Keep as long as you own the investment and then seven years beyond that time. Monthly retirement and investment account statements can be shredded annually.
Shred yearly.
Keep for a year.
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