Community Chat

[gidgetgh]

I recently finished up working on my parents estate. I want to keep all the papers that I NEED to keep- tax returns, death certificates, backup info on some stock sales, etc., but I don't want to keep anything that's not necessary. I'm not a big "keeper" of papers. 

I'd appreciate some input on paper bank statements. My dad was 87 and never used a computer. So his bank statements were sent by mail. He had accounts in more than one bank. I have closed his accounts. There are no more accounts in his name.  Done with banking in 2016. There will be no tax returns to file for 2017. 

How far back would you keep bank statements?   To be honest, I've shredded a ton over the past months and have statements from only July, 2015 forward. 

When I closed the accounts, the banks and I were in total agreement on the closing balances.  No disputes. 

I'm thinking about only keeping the final bank statement which showed the opening balance and then going to zero and the registers from the last three years (which is all I have remaining). 

Opinions?

[Mz iMac]

Keep the final bank statement for 1 year, then shread it.

[gidgetgh]

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@Mz iMac wrote:

Keep the final bank statement for 1 year, then shread it.

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@Mz iMac- thanks. That's how I was leaning. The bank wouldn't have closed the account if they didn't agree with the balance I showed and vice versa. 

[ocgal3]

Here in Calif they can go back 7 years for any audit--so to be totally safe, you should save for 7 years.  Just throw in a box, label it and save.

[Tinkrbl44]

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@gidgetgh wrote:

I recently finished up working on my parents estate. I want to keep all the papers that I NEED to keep- tax returns, death certificates, backup info on some stock sales, etc., but I don't want to keep anything that's not necessary. I'm not a big "keeper" of papers. 

I'd appreciate some input on paper bank statements. My dad was 87 and never used a computer. So his bank statements were sent by mail. He had accounts in more than one bank. I have closed his accounts. There are no more accounts in his name.  Done with banking in 2016. There will be no tax returns to file for 2017. 

How far back would you keep bank statements?   To be honest, I've shredded a ton over the past months and have statements from only July, 2015 forward. 

When I closed the accounts, the banks and I were in total agreement on the closing balances.  No disputes. 

I'm thinking about only keeping the final bank statement which showed the opening balance and then going to zero and the registers from the last three years (which is all I have remaining). 

Opinions?

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@gidgetgh

Why not scan the important stuff and keep it all on a flash drive?    Things can come up later and you need to provide documentation, so keeping everything (or pratically everything) on a flash drive can do the trick.

(Almost 3  years after my mother passed, my sister suddenly needed to produce information regarding the sale of mom's house and tax payments.   This is why I make this suggestion.)  

[MarieIG]

I think what you are keeping is fine.  Anything that could be tax related, I would keep for seven years, but that does not mean keeping massive records.  I'm also assuming no one is making any claims against the estate for bills and there is no need for you to prove any payments.

[Snoopp]

Usually one year but if it has anything to do with taxes or the IRS, five or six years to be safe.

[Tinkrbl44]

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@ocgal3 wrote:

Here in Calif they can go back 7 years for any audit--so to be totally safe, you should save for 7 years.  Just throw in a box, label it and save.

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@ocgal3

That's my opinion, too.

[gidgetgh]

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@ocgal3 wrote:

Here in Calif they can go back 7 years for any audit--so to be totally safe, you should save for 7 years.  Just throw in a box, label it and save.

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@ocgal3- I didn't have 7 years worth. Only back to July, 2015. Of course, I have 1099's and stuff on any interest with the yearly tax returns. That's different. 

[gidgetgh]

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@Tinkrbl44 wrote:

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@gidgetgh wrote:

I recently finished up working on my parents estate. I want to keep all the papers that I NEED to keep- tax returns, death certificates, backup info on some stock sales, etc., but I don't want to keep anything that's not necessary. I'm not a big "keeper" of papers. 

I'd appreciate some input on paper bank statements. My dad was 87 and never used a computer. So his bank statements were sent by mail. He had accounts in more than one bank. I have closed his accounts. There are no more accounts in his name.  Done with banking in 2016. There will be no tax returns to file for 2017. 

How far back would you keep bank statements?   To be honest, I've shredded a ton over the past months and have statements from only July, 2015 forward. 

When I closed the accounts, the banks and I were in total agreement on the closing balances.  No disputes. 

I'm thinking about only keeping the final bank statement which showed the opening balance and then going to zero and the registers from the last three years (which is all I have remaining). 

Opinions?

---

@gidgetgh

Why not scan the important stuff and keep it all on a flash drive?    Things can come up later and you need to provide documentation, so keeping everything (or pratically everything) on a flash drive can do the trick.

(Almost 3  years after my mother passed, my sister suddenly needed to produce information regarding the sale of mom's house and tax payments.   This is why I make this suggestion.)  

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@Tinkrbl44- thanks. I have all that stuff and won't get rid of it. Just was wondering about bank statements.