The following guidelines are for records in the State of Georgia.
A. Stock & Bond Records Permanently from purchase. Currently you receive a step up in basis on death. This is scheduled to be replaced in 2010 with a carry over basis. Thus all records from the date of purchase must be kept.
B. Banking Records Seven years
C. Retirement Records - Permanently
D. Accidents reports/claims - Seven years after settlement
E. Insurance Records - Ten years
F. Correspondence - Seven years unless related to anothercategory with a longer time limit.
G. Personal Property Permanently if a capital asset; seven years after disposal or sale if not.
H. Real Property records - Permanently or twenty one years afterdisposal or sale. Buyers can sue for up to twenty years.
I. Tax Returns and supporting records - Seven years
J. Contracts - Twenty one years after completion date.
K. Estate and Trust Records Twenty one years after estate ortrust closes; real property records permanently.
L. Open Account Records Five years after last date due.
M. Employee Records Three years after termination.
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