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By Jessica Walrack. Jessica Walrack is a personal finance writer who has written hundreds of articles about loans, insurance, banking, mortgages, credit cards, budgeting, and general personal finance over the past five years. Learn about our editorial policies. Reviewed by Michael J Boyle. Article Reviewed November 07, Michael Boyle is an experienced financial professional with more than 10 years working with financial planning, derivatives, equities, fixed income, project management, and analytics.
Learn about our Financial Review Board. Key Takeaways The IRS and most states can audit tax returns for three years from the filing date, so your bank statements need to be accessible for at least that long. You may need to keep bank statements for seven years if you invest or if you are suspected of underreporting your income.
Bank statements for the past two years may be necessary for filing taxes, getting loans, and other financial moves that require a verification of income.
You might want to contact your bank to double check how far back you can access your statements. You may also be able to access an online archive of statements that goes further back.
As for credit card statements , you only really need to check for inaccuracies before you can throw them out. Be sure to compare each statement against your receipts and to look for any potential fraudulent purchases. It helps to separate your bank statements from credit card statements, receipts, investment statements and other documents.
Keeping your bank and credit card statements around for a year might seem like unnecessary hoarding. Credit card receipts and statements — You only need to keep your credit card receipts and statements long enough to verify that there are no fraudulent charges. The only time you would need to keep a credit card statement longer than that is if it contained information you might need while filing your taxes.
In that case, keep it with your other tax documents, and hold onto it for seven years. Brokerage statements — Keep your quarterly statements until you get your annual statement. Make sure they all agree with one another. Bills — Once your payment has cleared, you can get rid of your old bills. Never lose a document again or deal with the storage hassle of physical papers.
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