Record Keeping

Home Areas of Practice Biography Directions Information Legal Documents Law Resources News

 

 

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.

 

Send email to CompanyWebmaster with questions or comments about this web site.
Last modified: January 23, 2016

Copyright 2016 * William Woods White, P.C. * All Rights Reserved