Cars, home, medical and property - Do you know how long to keep your documents? Here's a primer to help.
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- Home repairs (Improvements) - You should keep all of your Home Repair (Improvement) records for as long as you own the home plus 7 years.
- Medical records – If you are able to claim medical expenses on your tax return, it is recommended that you keep the records for seven (7) years from the end of the year in which they are claimed. For all other medical records it is recommended that you keep them for 5 years from the time you are no longer being treated for the symptoms that those records are pertaining to. For example, if you have chronic anemia, you should keep all records pertaining to those symptoms until you no longer have chronic anemia, but if you get treated for the flu, those records should be kept for five (5) years, if you did not claim them on your taxes.
- Titles – As with home repairs, they should be kept for as long as you own the titled property, plus 7 years.
- Real Estate Taxes – This falls in the same category as the home repairs and titles. You should keep these records for as long as you own the property plus 7 years.
- Automobiles – This depends on whether you are claiming the expenses on your tax return or not. If you claim the expenses on your tax return, you should keep the records for the life of the Automobile plus seven years. If you are not claiming the expenses on your tax return, you should keep the records for the life of the automobile plus 1 year. These records may be important when you go to sell the vehicle to prove that you took good care of it, and got regular oil changes, and you can pass on any warranties for work that you had done over to the purchaser.
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