Tips for Organizing
Keep tax returns and
supporting materials for at least three years, the time the IRS has to
begin an audit. However, the IRS can begin an audit within six years if
there has been substantial income omitted and there is no IRS time limit
Information on investments
should be kept for as long as you own the investment, plus the three years
it is needed to support the tax return on which it is reported.
Safe deposit boxes
are the best places to keep items that are valuable. This includes jewelry,
cash, stamp and coin collections and negotiable instruments like stock
certificates and bonds. They are also good places to keep items that are
not replaceable or that have sentimental value. A household inventory
(video taped or written), appraisals, listings of insurance policies and
credit card numbers should also be kept in a safe deposit box.
Wills should be kept
in an easily accessible place. Copies of wills should be kept in your
safe deposit box and by your attorney. Note the location of your original
will on any copies.