How Long Should I Keep Old Records

Accident reports	7 years
Accounts payable and receivable records	7 years
Bank reconciliations	2 years
Bank statements	7 years
Capital stocks Permanent Cancelled checks (for important transactions)	Permanent
Contracts and leases (expired)	7 years
Contracts and leases (in effect)	Permanent
Deeds, mortgages, and bills of sale	Permanent
Depreciation schedules	Permanent
Employment records (as employer)	7 years
Employment records (as employee) after termination	1 year
Financial statements	Permanent
Insurance policies (after expiration)	1 year
Insurance claim records	Permanent
Invoices to customers/from vendors	7 years
IRA, Keough, and other retirement plan data	Permanent
Loan documents	Permanent
Minute books and other corporate records	Permanent
Payroll records	7 years
Property appraisals Permanent Tax returns Permanent Tax return back-up documentation	7 years