Data over 10 years old

ehenderson2981

how useful is it to keep data over 10 years old.

NotACPA

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.

NotACPA

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_lurker

I find it very useful - particularly for checking my long term investment performance. 

Mark1104

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

The usefulness of the data is subjective but you may want to review: https://www.irs.gov/taxtopics/tc305

Ps56k2

ehenderson2981 said:

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 ?

ehenderson2981

Thank you all for your support!

Cherriann

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

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!