Weve all got at least one pile of paperwork clogging up a corner of our house.
With tax season on the horizon, you might be wondering when can I get rid of tax documents?
We spoke to tax experts from around the country to get all the details on tax documents.
What Forms Are Considered Tax Documents?
Depending on your work and income, you probably got a variety of tax documents.
Here are a few of the most common forms.
All Smart Credit Card Users:
Debt can get out of control fast.
(Inflation, amiright?)
That doesnt mean you have to let your debt run your life.
Another thing to note about tax-related paperwork: You may also need to keep certain bank statements and receipts.
Cant afford your tax bill?
When Can You Get Rid of Tax Documents?
Now that you know more about the documents, its time to dive into how long to keep them.
The recommended timeline may surprise you.
Razi and other CPAs advise that you dont get rid of tax documents for at least seven years.
But when it comes to big purchases, like those mentioned by Maldonado, the recommendation is significantly longer.
Razi said this is important for residents of non-disclosure states.
They dont require the disclosure of real estate sale prices to any public domain.
The IRS accepts digital copies of documents in a legible format.
Need Some Quick Cash?
If youre looking to boost your income this month, weve got just the thing for you.
This could include a plain old manilla envelope, in the cloud, or even with your tax accountant.
And remembering where you put them.
The good news is most of us arent buying up real estate like candy.
So the documents you have to keep longer than seven years?
Theyll probably be a much shorter stack.
Larissa Runkle (@therealtorwriter) is a writer and editor living in Colorado.
Her work focuses on personal finance, real estate copywriting and lifestyle guides.
