Keep, Shred or Recycle? Making a Clean Sweep of Your Home Office

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Beacon Pointe Advisors

For more information about the author, click to view their website: Beacon Pointe

Posted on

Mar 21, 2025

Book/Edition

Florida - Southwest

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Bills, statements, warranties, documents… they pile up!  Most people don’t get around to cleaning out the home office, but why not carve out 15 minutes a day for a week?  The generally-accepted rules of thumb below can help you decide what should stay or what should go.  Remember to toss non-personal papers, but shred documents containing personal information to protect against identity theft. When cleaning out that home office of yours, be sure to follow the below rules of thumb.

Tax and Earnings Records
NOTE6 Mo.3 Years5 Years7 YearsOther
All ReturnsIRS has 3-6 years to audit      x
Proof of FilingIRS has 3-6 years to audit      x
Payment of taxesIRS has 3-6 years to audit      x
Tax-Reporting DocumentsIRS has 3-6 years to audit      x
W-2sKeep until receiving Social Security       x
Last 3 PaystubsOften used to prove residency or for loan documents       x
 
Financial and Insurance Records
NOTE1 year3 years5 years7 yearsOther
Bank/CC StatementsKeep for year prior, unless online      x
Bank/CC StatementsIf supporting a tax deduction       x
Investment StatementsTo substantiate any gain/loss in the case of audit       x
Quarterly Retirement Plan StatementsKeep until you confirm they match annual statements       x
Retirement Plan SummariesKeep until account closure       x
IRA Contribution RecordsPermanently, to prove you made non-deductible contributions       x
Prospectuses and Privacy NoticesUntil available online       x
ATM ReceiptsToss after seen on a bank statement       x
Insurance RecordsKeep in case a claim is filed within the Statue of Limitations       x
Life Insurance Policies3 or more years past the life of the policy        x
Medical Insurance RecordsIn case of future, related issues        x
 
Bills, Receipts, Proof of Ownerships, and Warranties
NOTE3 mo.1 year7 yearsForeverOther
Utility Bills3 mos for proof of residency; 7 years to support a tax deduction      x         x
Medical Bills3 mos for insurance; 7 years if enough to itemize on your taxes      x         x
Everyday Receipts1 year to cover warranty, 7 years if supporting a tax deduction       x         x
Receipts for Expensive Items        x
Proof of Ownership7 years after sold if you believe a future buyer might want them        x       x
 
Home and Vehicle Records
NOTE7 years post- saleLength of OwnershipForeverOther
Home Insurance RecordsKeep in the event of a claim filed within Statue of Limitations      x
Home Mortgage DocumentationForever, or until paid off         x
Home Repairs/Improvs. RecordsPermanently if you think a future buyer might want them        x         x
Vehicle Records          x
 
Vital Personal Records and Estate Planning Documents
 NOTESForever
Vital Records (birth, marriage, death certificates, etc.)Keep originals in a safe-deposit box with an accessible hard/e-copy           x
Estate Planning DocumentsKeep originals in a safe-deposit box with an accessible hard/e-copy           x

 

If you could benefit from a conversation with our advisory team, we would be happy to provide a complimentary consultation.    

Important Disclosure: This content is for informational purposes only. Opinions expressed herein are subject to change without notice. Beacon Pointe has exercised all reasonable professional care in preparing this information. Some information may have been obtained from third-party sources we believe to be reliable; however, Beacon Pointe has not independently verified, or attested to, the accuracy or authenticity of the information. Nothing contained herein should be construed or relied upon as investment, legal or tax advice. Only private legal counsel may recommend the application of this general information to any particular situation or prepare an instrument chosen to implement the design discussed herein. An investor should consult with their financial professional before making any investment decisions.


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Local Services By This Author

Beacon Pointe Advisors

Financial Advisor 9240 Bonita Beach Road, Bonita Springs, Florida, 34135

Beacon Pointe is one of the nations largest Registered Investment Advisory (RIA) firms, providing comprehensive financial solutions for institutions, defined contribution plans, high-net-worth individuals, and families. Our success is driven by our peoplea team of talented, diverse, and passionate professionals committed to fostering an uplifting company culture and delivering premier service experiences to our clients.Our ServicesPrivate Wealth ServicesOur Private Wealth Management services offer comprehensive wealth planning and customized investment strategies, empowering clients to make well-informed financial decisions that align with their life goals.Institutional ConsultingWe provide objective and transparent investment solutions, offering long-term strategic planning tailored to the unique portfolio goals and mission of each institutional client.Retirement Plan ServicesOur team delivers expert investment guidance and comprehensive service solutions for 401(k)s, 403(b)s, and non-qualified deferred compensation plans, ensuring clients receive the highest level of fiduciary support.Advisor PartnershipsBeacon Pointe collaborates with successful RIAs and wealth advisors nationwide, fostering synergistic partnerships focused on enhancing efficiencies, value, and long-term growth.With a client-centric, fiduciary-first approach, Beacon Pointe is dedicated to providing strategic financial guidance that helps individuals, families, and institutions achieve lasting financial success.

Beacon Pointe Advisors

Retirement Planning 9240 Bonita Beach Road, Bonita Springs, Florida, 34135

Beacon Pointe is one of the nations largest Registered Investment Advisory (RIA) firms, providing comprehensive financial solutions for institutions, defined contribution plans, high-net-worth individuals, and families. Our success is driven by our peoplea team of talented, diverse, and passionate professionals committed to fostering an uplifting company culture and delivering premier service experiences to our clients.Our ServicesPrivate Wealth ServicesOur Private Wealth Management services offer comprehensive wealth planning and customized investment strategies, empowering clients to make well-informed financial decisions that align with their life goals.Institutional ConsultingWe provide objective and transparent investment solutions, offering long-term strategic planning tailored to the unique portfolio goals and mission of each institutional client.Retirement Plan ServicesOur team delivers expert investment guidance and comprehensive service solutions for 401(k)s, 403(b)s, and non-qualified deferred compensation plans, ensuring clients receive the highest level of fiduciary support.Advisor PartnershipsBeacon Pointe collaborates with successful RIAs and wealth advisors nationwide, fostering synergistic partnerships focused on enhancing efficiencies, value, and long-term growth.With a client-centric, fiduciary-first approach, Beacon Pointe is dedicated to providing strategic financial guidance that helps individuals, families, and institutions achieve lasting financial success.

Beacon Pointe Advisors

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