How Long Should One Keep Receipts?
Determining the importance of the receipt will help you decide how long you should keep it. Certain receipts, such as those for grocery and clothing purchases might not be as important as receipts for bills and taxes.
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Income-Tax Receipts
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Any receipt relating to your incomes taxes is especially important and should be kept at least three years, since the IRS can audit you for up to three years. Save all income-tax receipts associated with deductions and credits claimed on your tax return.
Bill Receipts
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Even after an account has been paid in full, it's a good idea to keep your bill receipts for at least a year. Bill receipts can include those for utilities, credit cards, rent and loans. Mortgage receipts should be kept forever.
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Minor Purchase Receipts
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Some minor purchase receipts, like those for clothing and groceries, don't have to be kept for too long. For clothing purchases, receipts should be kept until after you wear the clothing, because you typically can't return clothing that has been worn. And after consuming the groceries, it's safe to throw out the receipt.
Major Purchase Receipts
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Major purchase receipts should be kept longer. Major purchases include items like televisions, large appliances, tires and furniture. Typically these come with warranties, so keep your receipt for the life of the warranty.
Policy
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Most businesses have policies in place on how long they'll accept receipts for refunds and exchanges. Some businesses only allow 15 to 30 days to get a refund or make an exchange with or without a receipt.
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