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2770 Indian River Boulevard
Suite 301
Vero Beach, FL 32960

Combining Accounting, Tax, Financial Services

(772) 778-1922


Record Retention Guide for Individuals

We have compiled a list of the most common tax and financial records that an individual may need to keep and guidelines for how long the records should be retained.

The information contained in this site is of a general nature and may not be applicable to you. Please call our office for specific guidance regarding your situation.

Keep One Year

  • While it's important to keep year-end mutual fund and IRA contribution statements forever, you don't have to save monthly and quarterly statements once the year-end statement has arrived if it's a recap of the entire year's activity in the account.

Keep Three Years

  • Credit Card Statements
  • Medical Bills (in case of insurance disputes)
  • Utility Records
  • Expired Insurance Policies

Keep Six Years

  • Supporting Documents For Tax Returns
  • Accident Reports and Claims
  • Medical Bills (if tax-related)
  • Property Records / Improvement Receipts after property is sold
  • Sales Receipts
  • Wage Garnishments
  • Other Tax-Related Bills

Keep Permanently

  • CPA Audit Reports
  • Legal Records
  • Important Correspondence
  • Income Tax Returns
  • Income Tax Payment Checks
  • Investment Trade Confirmations
  • Retirement and Pension Records

Special Circumstances

  • Car Records (keep until the car is sold)
  • Credit Card Receipts (keep until verified on your statement)
  • Insurance Policies (keep for the life of the policy)
  • Mortgages / Deeds / Leases (keep 6 years beyond the agreement)
  • Pay Stubs (keep until reconciled with your W-2)
  • Property Records / improvement receipts (keep until property sold)
  • Sales Receipts (keep for life of the warranty)
  • Stock and Bond Records (keep for 6 years beyond selling)
  • Warranties and Instructions (keep for the life of the product)
  • Other Bills (keep until payment is verified on the next bill)

Depreciation Schedules and Other Capital Asset Records (keep for 3 years after the tax life of the asset)