How Long Keep Bank Statements?

The majority of bank statements should be kept accessible in physical copy or electronic form for one year, after which they should be shredded or otherwise destroyed. Anything tax-related, such as documentation of charitable contributions, should be maintained for a minimum of three years after the donation was made.

How long do you need to keep bank statements for taxes?

The Internal Revenue Service and most states can audit tax returns for up to three years after they are filed, so your bank statements must be available for at least that period of time. If you invest or if you are suspected of underreporting your income, you may be required to retain bank statements for a period of seven years.

How long should I keep my credit card statement?

If you make a purchase that is relevant to taxes, you should maintain the receipt for seven years. Otherwise, there is no reason to preserve the statement for any longer than 60 days unless absolutely necessary. You could also access your statements online, just like you could with banks. However, as previously said, most only go back a set number of years.

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