Comments on: Papers: To Keep or Not to Keep, That is the Question! http://www.blisstree.com/articles/papers-to-keep-or-not-to-keep-that-is-the-question-207/ Family, Health, Home and Lifestyles Mon, 07 Dec 2009 18:18:54 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: Thrifty Karen http://www.blisstree.com/articles/papers-to-keep-or-not-to-keep-that-is-the-question-207/comment-page-1/#comment-95843 Thrifty Karen Wed, 27 Feb 2008 18:46:23 +0000 http://www.declutterit.com/papers-to-keep-or-not-to-keep-that-is-the-question#comment-95843 I've been giving this list some thought and I do want to agree that you need to keep your homeowner's receipts. If you live in your home for less than 2 years, then you have to pay taxes on the profits. Those receipts will certainly help. Then, if you live in a home as your primary residence for more than 2 years, there is a certain amount that you can make. I think it's $250,000 for a single filer and $500,000 for filing joint. Although that may sound like a lot of room for profit, if you've owned your house for a long time or you've made a lot of improvements, then it may not be hard for you to make that much. Those receipts can really come in handy to avoid paying taxes on profits. I’ve been giving this list some thought and I do want to agree that you need to keep your homeowner’s receipts. If you live in your home for less than 2 years, then you have to pay taxes on the profits. Those receipts will certainly help.

Then, if you live in a home as your primary residence for more than 2 years, there is a certain amount that you can make. I think it’s $250,000 for a single filer and $500,000 for filing joint. Although that may sound like a lot of room for profit, if you’ve owned your house for a long time or you’ve made a lot of improvements, then it may not be hard for you to make that much.

Those receipts can really come in handy to avoid paying taxes on profits.

]]> By: Julie http://www.blisstree.com/articles/papers-to-keep-or-not-to-keep-that-is-the-question-207/comment-page-1/#comment-95852 Julie Wed, 27 Feb 2008 17:59:13 +0000 http://www.declutterit.com/papers-to-keep-or-not-to-keep-that-is-the-question#comment-95852 Thanks Karen! :) @Cathy - Great info. Thanks! Thanks Karen! :)
@Cathy – Great info. Thanks!

]]> By: Cathy http://www.blisstree.com/articles/papers-to-keep-or-not-to-keep-that-is-the-question-207/comment-page-1/#comment-95720 Cathy Tue, 26 Feb 2008 01:13:51 +0000 http://www.declutterit.com/papers-to-keep-or-not-to-keep-that-is-the-question#comment-95720 Last summer I did a lot of research regarding tax records. I contacted the Tax Advocacy Office in every state to confirm if scanning support documents (receipts, etc) was an acceptable form of record keeping. The majority said no. It was also recommended that individuals keep w2 forms for a lifetime. The IRS only keeps these records for 10 years and W2 might be needed for collecting Social Security due to you. You may need to provide proof if there is a problem. (If Social Security is even around when we are old enough to start collecting :)) Last summer I did a lot of research regarding tax records. I contacted the Tax Advocacy Office in every state to confirm if scanning support documents (receipts, etc) was an acceptable form of record keeping. The majority said no. It was also recommended that individuals keep w2 forms for a lifetime. The IRS only keeps these records for 10 years and W2 might be needed for collecting Social Security due to you. You may need to provide proof if there is a problem. (If Social Security is even around when we are old enough to start collecting :) )

]]> By: Thrifty Links for 2/25/08 http://www.blisstree.com/articles/papers-to-keep-or-not-to-keep-that-is-the-question-207/comment-page-1/#comment-95698 Thrifty Links for 2/25/08 Mon, 25 Feb 2008 07:24:24 +0000 http://www.declutterit.com/papers-to-keep-or-not-to-keep-that-is-the-question#comment-95698 [...] tax season and Julie at Declutter It! helps us figure out which papers to keep and which ones to [...] [...] tax season and Julie at Declutter It! helps us figure out which papers to keep and which ones to [...]

]]> By: Thrifty Karen http://www.blisstree.com/articles/papers-to-keep-or-not-to-keep-that-is-the-question-207/comment-page-1/#comment-95946 Thrifty Karen Sun, 24 Feb 2008 02:53:57 +0000 http://www.declutterit.com/papers-to-keep-or-not-to-keep-that-is-the-question#comment-95946 Pretty much, I follow this. If I used it for my income tax returns, then I definitely need to keep it. I keep a regular pile of junk mail (credit card apps) that I shred regularly and then about every 3-6 months I look through my stuff and have a big shredding party. The paperwork we need to keep is insane!!!! I do have a desk downstairs that I need to get rid of. I just need to buy a file cabinet instead to keep all this crap! :sigh: As always, thanks for the good tips. Pretty much, I follow this. If I used it for my income tax returns, then I definitely need to keep it. I keep a regular pile of junk mail (credit card apps) that I shred regularly and then about every 3-6 months I look through my stuff and have a big shredding party. The paperwork we need to keep is insane!!!! I do have a desk downstairs that I need to get rid of. I just need to buy a file cabinet instead to keep all this crap! :sigh: As always, thanks for the good tips.

]]> By: Julie http://www.blisstree.com/articles/papers-to-keep-or-not-to-keep-that-is-the-question-207/comment-page-1/#comment-95707 Julie Sat, 23 Feb 2008 22:36:11 +0000 http://www.declutterit.com/papers-to-keep-or-not-to-keep-that-is-the-question#comment-95707 You're welcome. :) You’re welcome. :)

]]> By: Michele http://www.blisstree.com/articles/papers-to-keep-or-not-to-keep-that-is-the-question-207/comment-page-1/#comment-95686 Michele Sat, 23 Feb 2008 21:36:07 +0000 http://www.declutterit.com/papers-to-keep-or-not-to-keep-that-is-the-question#comment-95686 Thanks for the reminder. Paper does tend to accumulate if you don't stay on top of it! Thanks for the reminder. Paper does tend to accumulate if you don’t stay on top of it!

]]> By: Jerri http://www.blisstree.com/articles/papers-to-keep-or-not-to-keep-that-is-the-question-207/comment-page-1/#comment-95684 Jerri Sat, 23 Feb 2008 14:05:51 +0000 http://www.declutterit.com/papers-to-keep-or-not-to-keep-that-is-the-question#comment-95684 good things to keep in mind. good things to keep in mind.

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