Keep tax returns and supporting materials for at least three years, the
time the IRS has to begin an audit. However, the IRS can begin an audit
within six years if there has been substantial income omitted. There is no
IRS time limit for fraud.
Information on investments should be kept for as long as you own the
investment, plus the three years it is needed to support the tax return on
which it is reported.
Safe deposit boxes are the best places to keep items that are valuable.
This includes jewelry, cash, stamp and coin collections and negotiable
instruments like stock certificates and bonds. They are also good places to
keep items that are not replaceable or that have sentimental value. A
household inventory (video taped or written), appraisals, listings of
insurance policies and credit card numbers should also be kept in a safe
deposit box.
Wills should be kept in an easily accessible place. Copies of wills should
be kept in your safe deposit box and by your attorney. Note the location of
your original will on any copies.
