how long should I keep receipts?
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From: skdeardorff on 16 Dec 2006 23:20 Using Quicken 2005, on Win Xp pro. >From a practical point of view, how long should I keep receipts? Any IRS guidelines? In general, I'm looking for any "best practices" regarding how most Quicken users deal with receipts. Do most people keep them for a year, for example, then shred them? Related questions would be, "How long to keep ATM receipts?", and "How long to keep bank statements?" All of the above assume the transactions have been reconciled and that they are fine. Thanks!
From: Garry on 17 Dec 2006 00:17 The odds of an IRS audit are low for most people (though higher for people with higher income, self-employed, people in business that involve a lot of cash, etc.). But, the IRS has up to three years to audit your return (or longer in the case of fraud). So it makes sense to keep any records you might need to support your return at least three years. For capital assets -- like a house -- you may need to keep records much longer, because you have to report gain (and maybe loss if it's a business asset) on the asset when you sell it, and the calculation depends on original cost, how much money you've put into it since, any depreciation you've taken over the years (if you use part of the house for business or rental, for example), etc. skdeardorff(a)sbcglobal.net wrote: > Using Quicken 2005, on Win Xp pro. > > >From a practical point of view, how long should I keep receipts? Any > IRS guidelines? > > In general, I'm looking for any "best practices" regarding how most > Quicken users deal with receipts. Do most people keep them for a year, > for example, then shred them? > > Related questions would be, "How long to keep ATM receipts?", and "How > long to keep bank statements?" All of the above assume the > transactions have been reconciled and that they are fine. > > Thanks!
From: Notan on 17 Dec 2006 00:31 skdeardorff(a)sbcglobal.net wrote: > > Using Quicken 2005, on Win Xp pro. > > >From a practical point of view, how long should I keep receipts? Any > IRS guidelines? > > In general, I'm looking for any "best practices" regarding how most > Quicken users deal with receipts. Do most people keep them for a year, > for example, then shred them? > > Related questions would be, "How long to keep ATM receipts?", and "How > long to keep bank statements?" All of the above assume the > transactions have been reconciled and that they are fine. You're best off contacting a tax professional, who can tailor an answer to your own personal needs. A newsgroup, such as this, is *NOT* a good place to come to, for legal advice. Notan
From: Ralph Cassano on 17 Dec 2006 07:49 http://www.ricedelman.com/planning/basics/whattokeep.asp <skdeardorff(a)sbcglobal.net> wrote in message news:1166329243.383572.199650(a)f1g2000cwa.googlegroups.com... > Using Quicken 2005, on Win Xp pro. > >>From a practical point of view, how long should I keep receipts? Any > IRS guidelines? > > In general, I'm looking for any "best practices" regarding how most > Quicken users deal with receipts. Do most people keep them for a year, > for example, then shred them? > > Related questions would be, "How long to keep ATM receipts?", and "How > long to keep bank statements?" All of the above assume the > transactions have been reconciled and that they are fine. > > Thanks! >
From: skdeardorff on 17 Dec 2006 08:04
Ok, thanks for the advice as it relates to the IRS. Over and done with, won't ask for tax advice in this forum anymore. However, I'm really more looking for practical advice, just from those who actually use Quicken, and are thus more serious about their finances in general. My question is - at what point, personally, does the cost of keeping receipts outweigh the benefit? Do most users keep them sorted by payee/vendor? Is there a better way? Do people file their health receipts with their insurance EOB's? I'm looking for one or two specific tips in order to tame the paper tiger. Thanks again for the responses ! > > > > In general, I'm looking for any "best practices" regarding how most > > Quicken users deal with receipts. Do most people keep them for a year, > > for example, then shred them? > > > > Related questions would be, "How long to keep ATM receipts?", and "How > > long to keep bank statements?" All of the above assume the > > transactions have been reconciled and that they are fine. > > > > Thanks! > > |