Record Keeping

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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

Insurance Policies (expired) - Three years

F. Correspondence - Seven years unless related to another category with a longer time limit.

G. Personal Property Permanently if a capital asset; seven years after disposal or sale if not.

Examples: Bills of Sale, Warranty Booklets

H. Real Property records - Permanently or twenty one years after disposal or sale. Buyers can sue for up to twenty years.

Examples: Appraisals, Bills of Sale, Closing Statements, Capital Improvements documents including receipts, bills of sale, written evidence of repairs, deeds, mortgages and Title Policies.

I. Tax Returns and supporting records - Seven years

Note: the IRS has three years to audit or review but there is no statute of limitations for failure to report.

J. Contracts - Twenty one years after completion date.

K. Estate and Trust Records Twenty one years after estate or trust 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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Last modified: January 23, 2016

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