How Long Should I Retain Credit Card Statements?


Retain Statements for One Year

Once you’ve received your credit card statement and have matched up the itemized purchases on the statement with your receipts, you can file away your credit card statement for a year. After a year, discard the statement unless you’ve used the card for business purposes.

Retain Business Credit Card Statements Longer

If you purchased eligible business related items with your credit card and want to claim deductions for those expenses on your tax return, the IRS considers credit card statements acceptable “proof of payment” for deductible purchases. According to IRS Publication 552, you should retain business expence records for seven years.

Bottom Line

If you use your credit card for business expenses, keep your statements for seven years. Otherwise, shred all your statements once they reach the one year mark.

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