Wednesday, November 23, 2011

Should I keep my credit card and mortgage statements?

Credit card statements at least 7 years - mortgage statements till you sell or no longer own the property.Should I keep my credit card and mortgage statements?
Mortgage interest is deductible on your tax return if you itemize on schedule A. The IRS statute of limitations is 3 years from the date you file your tax return or 3 years from the date you amend it, whichever is later. Therefore you must keep your records for at least 3陆 years if you itemize you deductions.





The statute of limitations for lawsuits is 7 years.

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