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Data over 10 years old

ehenderson2981

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

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Accepted answers

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.

All comments

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!