How long to keep tax returns, receipts, warranties and other household papers

The shoebox exists because nobody knows what is safe to throw away. Here are the rules, from the IRS and consumer agencies, in one table-shaped list.

Keep forever

• Birth, marriage, divorce and death certificates; Social Security cards; passports (until renewed); military discharge papers.
• Wills, trusts, powers of attorney (the current versions).
• Home purchase documents and records of improvements — they set your cost basis when you sell.
• Retirement account contribution records (Form 8606 for non-deductible IRA contributions) until fully withdrawn.

7 years

• Tax returns and everything that supports them — W-2s, 1099s, receipts for deductions, charitable-donation letters. The IRS can audit 3 years back normally, 6 for substantial under-reporting, and without limit for unfiled or fraudulent returns; 7 covers the common cases.
• Records of bad-debt or worthless-securities deductions.

Until the asset is gone

• Vehicle titles, loan payoff letters, and repair records.
• Warranties and receipts for anything still under warranty — file the receipt with the manual.
• Insurance policies for the life of the policy plus the claims period (often 3 years).
• Investment purchase confirmations until sold, plus 7 years.

1 year or less

• Pay stubs — until reconciled with the W-2.
• Utility bills and bank statements — 1 year unless needed for taxes or a home-office deduction.
• Medical bills — 1 year after the insurer settles; longer if you deduct them.
• ATM and credit-card receipts — until the statement matches.