Data over 10 years old
ehenderson2981
Member ✭✭
how useful is it to keep data over 10 years old.
0
Best 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 February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP0
Answers
-
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 February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP0 -
I find it very useful - particularly for checking my long term investment performance.1
-
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.0
-
The usefulness of the data is subjective but you may want to review: https://www.irs.gov/taxtopics/tc3050
-
do you have any digital DOC XLS JPG files or photos over 10 years old - same Q&A ?ehenderson2981 said:how useful is it to keep data over 10 years old.
0 -
Thank you all for your support!0
-
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 needed1
-
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!0
Categories
- All Categories
- 7 Product Ideas
- 27 Announcements
- 199 Alerts, Online Banking & Known Product Issues
- 18 Product Alerts
- 735 Welcome to the Community!
- 608 Before you Buy
- 1.1K Product Ideas
- 50.1K Quicken Classic for Windows
- 15.5K Quicken Classic for Mac
- 988 Quicken Mobile
- 778 Quicken on the Web
- 75 Quicken LifeHub