Author Topic: What investment records do I really need to keep?  (Read 1371 times)

JRA64

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What investment records do I really need to keep?
« on: July 24, 2015, 07:50:12 AM »
I'm going through a Marie Kondo inspired clean-out (learned about it on this site - thank you!). Her approach to papers is "Just throw them all away." Except the ones you need to keep.

What investment records do I need to keep in this age of the internet and electronic access? I've got my own account, traditional IRA and Roth IRA accounts going back to the '90's. I've got records from mutual fund companies that aren't even in business anymore. For those who have retired and are now tapping those types of investments - what types of records have you had to access? What can be shredded and tossed without a second thought?

forummm

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Re: What investment records do I really need to keep?
« Reply #1 on: July 24, 2015, 07:53:49 AM »
I keep balances and share tallies (PDF prints from online access) for accounts I care about. And statements for the mortgage. And contribution records for my Roth IRA (so I know how much I can take out without having to do SEPP). And all paperwork for buying/selling houses. And tax records for at least 7 years.

seattlecyclone

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Re: What investment records do I really need to keep?
« Reply #2 on: July 24, 2015, 09:19:53 AM »
Keep anything that will prove how much you contributed to a Roth IRA each year or converted into a Roth IRA each year. Keep any pre-2011 purchase records from taxable accounts to prove your cost basis when you sell. Keep your tax returns and any related documentation for several years (I think even in cases of suspected fraud they're unlikely to go back more than seven). Keep records of your home purchase price and cost of any major improvements.

Credit card statements and utility bills are generally garbage after they've been paid. Records from closed accounts are usually garbage as well, unless they're documentation of Roth contributions/conversions, establishing your taxable cost basis for shares that you still own, or are related to tax returns that are still within the potential audit window.

JRA64

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Re: What investment records do I really need to keep?
« Reply #3 on: July 26, 2015, 09:51:56 AM »
Thank you!