19 Jun How long should I keep credit card statements?

Q. How long do you need to keep prior credit card paper statements? I am on a cleaning/clearing out mission and want to feel safe in discarding, or shredding if needed, statements from 2022 and earlier.
— Cleaner

A. The general rule is that records should be kept for a period of seven years because the Internal Revenue Service, in some circumstances, can audit a return six years after its filing or due date. Most audits, though, happen within three years.

But if your credit card statements don’t have any purchases that are used as a deduction on your tax return, there is generally no need to keep them once the bill is paid.

Remember, though, that if you take a deduction for medical expenses, you should hold on to those to back up your deduction.

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This story was originally published in June 2024.

NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.