Data over 10 years old

ehenderson2981
ehenderson2981 Member ✭✭
edited July 20 in Investing (Windows)
how useful is it to keep data over 10 years old.

Best Answer

  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Accepted Answer
    That ENTIRELY depends upon how far back in your financial history you want to peer.
    It's a personal issue ... that no one here can answer  for you.
    I would, no matter what you do, print Income & Expense reports for each older year along with Net Worth reports for each year.
    And, unless the IRS has notified you otherwise, it's my understanding that they only look back 7 years at the most.
    I keep Q data forever ... but my paper files only go back 7 tax years.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP

Answers

  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Accepted Answer
    That ENTIRELY depends upon how far back in your financial history you want to peer.
    It's a personal issue ... that no one here can answer  for you.
    I would, no matter what you do, print Income & Expense reports for each older year along with Net Worth reports for each year.
    And, unless the IRS has notified you otherwise, it's my understanding that they only look back 7 years at the most.
    I keep Q data forever ... but my paper files only go back 7 tax years.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • q_lurker
    q_lurker SuperUser ✭✭✭✭✭
    I find it very useful - particularly for checking my long term investment performance. 
  • Mark1104
    Mark1104 Member ✭✭✭✭
    I find it very useful...everyone once in a while we want to know when we bought X for the house... that history tells us. 
  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    The usefulness of the data is subjective but you may want to review: https://www.irs.gov/taxtopics/tc305
  • Ps56k2
    Ps56k2 SuperUser ✭✭✭✭✭
    how useful is it to keep data over 10 years old.
    do you have any digital DOC XLS JPG files or photos over 10 years old - same Q&A ?

    Quicken Subscription - Windows 10
  • ehenderson2981
    ehenderson2981 Member ✭✭
    Thank you all for your support!
  • Cherriann
    Cherriann Member
    As previously mentioned that truly is a personal choice. However, even though the IRS generally does not go back more than 7 years in an audit they legally have the right to go back as back as they want. I prefer keeping all my records so I can see when we bought a certain item and/or compare to today’s prices. I don’t close my accounts because I want to see them in the reports on occasion. I just hide them until they are needed
  • Mark1104
    Mark1104 Member ✭✭✭✭
    last comment from me: the cost of digital storage is quite cheap.... why would you want to go through the effort to purge transaction from more than 10 years ago; now if all these transactions were in physical  form and taking up significant storage space in my attic (let alone the fire hazard!), my response would be different! 
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