Posted on: 25th Jul, 2006 12:40 pm
How long copies of paid bills should be maintained. I would like to throw out the unnecessary papers so that I can keep the required papers in a more organized manner.
Hi Danielle,
Bills related to your home should be maintained as long as you own the house. That's how I think personally.
These documents can help to adjust the basis of your house and you can reduce taxes on the profit that you make on selling it.
Bills related to your home should be maintained as long as you own the house. That's how I think personally.
These documents can help to adjust the basis of your house and you can reduce taxes on the profit that you make on selling it.
Hi Danielle,
That's well said in the previous post. My personal advice would be not to throw away bills carelessly. You have your personal information like name, account number in them. Just throwing away increases the chances for identity theft.
So, destroy them completely if you feel they are not required further. Today many are using the electronic billing system and that saves space according to them.
I am a bit old fashioned and prefer to have the papers. I usually maintain the bills for 5- 7 years based on their requirement and importance.
Correctly said, in the previous post that, bills and documents related to house should be kept as long as you own it. Papers related to mortgage should be kept as long as you are not out of it completely.
God bless you.
For MortgageFit,
Samantha
That's well said in the previous post. My personal advice would be not to throw away bills carelessly. You have your personal information like name, account number in them. Just throwing away increases the chances for identity theft.
So, destroy them completely if you feel they are not required further. Today many are using the electronic billing system and that saves space according to them.
I am a bit old fashioned and prefer to have the papers. I usually maintain the bills for 5- 7 years based on their requirement and importance.
Correctly said, in the previous post that, bills and documents related to house should be kept as long as you own it. Papers related to mortgage should be kept as long as you are not out of it completely.
God bless you.
For MortgageFit,
Samantha
I use online. But I used to throw away bills until now. A good point raised by Samantha. From now I will take care that papers are destroyed and not just thrown away.
What timeframe do you recommend for bills other than Mortgage such as creditcard statements open/or paid in full? ThankYou
Hi Vickie!
Welcome to forums!
You should always pay off your debts within the due date. If you don't do so, it will have a negative affect in your credit report.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You should always pay off your debts within the due date. If you don't do so, it will have a negative affect in your credit report.
Feel free to ask if you've further queries.
Sussane