Wondering what paperwork to hang onto? Here’s a quick guide:
Keep:
- W-2s, 1099s
- Mortgage interest statements (Form 1098)
- Receipts for deductible expenses
- Donation letters
Toss:
- Utility bills (unless home office deduction)
- Receipts under $75 (unless business or travel)
- Documents older than 7 years (unless real estate or legal matters)
