To Toss or Not to Toss SEPTEMB E
To Toss or Not to Toss SEPTEMB E R 10, 2014 GW EN R ISIN GER , DISTR ICT 10 EDUC ATIO N CHAIR
Objectives 1) To provide information about how long to keep various financial records. 2) To discuss records and information to keep about family illnesses and allergies.
Why Keep Records v. Pay bills on time v. Prove that you paid for a good or service v. Dispute billing, credit or banking errors v. Complete a tax return v. Collect insurance, retirement benefits, SS, VA benefits v. Proof of birth, death, marriage, divorce, custody, guardianship, citizenship v. Establish ownership v. Settle estate
Tax Returns v. Keep tax return and all documentation v. Return can be amended or audited within 3 years of filing deadline v. If income under-reported by 25% – 6 years v. If fraudulently filed or no return is filed – no time limit v. Late payment of tax can result in owing interest and penalties v. Recommendation – Keep Tax returns FOREVER
Property Records v. Real Property v. Purchase records – contracts, Title Insurance v. Inheritance records v. At least 7 years after you sell v. Vehicles v. Bills of Sale, Titles - 1 to 2 years after vehicle sold and title transferred v. Loan documents – 1 year after loan paid unless tax consequences, then 7 years v. Required to establish your ‘cost basis’ in the property at time of a sale
Stocks, Bonds and Other Investments v. Stocks, Bonds v. Certificates v. Investment Statements v. Record of purchases and sales v. Recommendation v. Keep forever or at least 7 years after sale v. Consider electronic!
Guidelines for Keeping Other Records v. Other Common Financial Records v. Bank statements, credit card statements, income records, etc. v. Miscellaneous Records v. Everyday bills v. Insurance records v. Receipts v. Permanent Records v. Vital records, legal documents, retirement, etc.
Personal & Family Financial Record Inventory Texas Agrilife Extension has recently published a Personal and Family Financial Records Inventory publication that you can download and complete. The cost is $5 plus handling. This can be saved to a hard-drive, a flash-drive or other portable media as well as being printed. It is 54 pages. To obtain: www. agrilifebookstore. org/product-p/efcs-005. htm
Medical Information and DNA Records v. Family Medical History v. Build a Family Medical History record v. Include allergies v. DNA Testing v. Consult physician v. Medical testing vs genealogical testing
Questions and Comments?
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