The Internal Revenue Service recommends keeping old records for seven years. (https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/How-long-should-I-keep-records)
Most people know those expired items need to be shredded, but they dont want to spend the money to get it done professionally.
Dealing with home buyers and sellers every day, the Murfreesboro offices of Crye-Leike Real Estate Services and Realty Title are sensitive to these paper warehouses piling up in people's homes. So, they are offering a quick fix and it's free.
This real estate duo has teamed up to offer free, shredding services for their customers and the community on Sat., April 30, 2016.
"But just for three hours, so dont delay," says event coordinator Karen Pfluge of Crye-Leike. "The only cost is your time and gas to get there and back home."
A professional shredding services company will be available from 12 pm to 3 pm at Crye-Leike's Murfreesboro branch office, located at 1139 N.W. Broad Street, Suite 100, Murfreesboro TN 37129.
The event is open to the public and free of charge.
This free offer is limited to 20 banker boxes per person. Stapled documents do not need to be separated.
"We guarantee that peoples' burden of paper clutter will be lifted as they witness their documents being securely hauled away and shredded," says Shawna Hulse of Realty Title.
For more information, contact Crye-Leike Real Estate Services at (615) 895-9518 or Realty Title at (615) 890-8882.
How long should I keep records? And, Are the records connected to property? To answer those questions, the following answers were copied exactly from the Internal Revenue Services web site found at: https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/How-long-should-I-keep-records
How long should I keep records?
The length of time you should keep a document depends on the action, expense, or event which the document records. Generally, you must keep your records that support an item of income, deduction or credit shown on your tax return until the period of limitations for that tax return runs out.
The period of limitations is the period of time in which you can amend your tax return to claim a credit or refund, or the IRS can assess additional tax. The information below reflects the periods of limitations that apply to income tax returns. Unless otherwise stated, the years refer to the period after the return was filed. Returns filed before the due date are treated as filed on the due date.
Note: Keep copies of your filed tax returns. They help in preparing future tax returns and making computations if you file an amended return.
Period of Limitations that apply to income tax returns
- Keep records for 3 years if situations (4), (5), and (6) below do not apply to you.
- 2. Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return.
- 3. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.
- 4. Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return.
- 5. Keep records indefinitely if you do not file a return.
- 6. Keep records indefinitely if you file a fraudulent return.
- 7. Keep employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.
- The following questions should be applied to each record as you decide whether to keep a document or throw it away.
- Editors Note: (Only the one question below was copied that relates to this article.)
Are the records connected to property? Generally, keep records relating to property until the period of limitations expires for the year in which you dispose of the property. You must keep these records to figure any depreciation, amortization, or depletion deduction and to figure the gain or loss when you sell or otherwise dispose of the property.
If you received property in a nontaxable exchange, your basis in that property is the same as the basis of the property you gave up, increased by any money you paid.
You must keep the records on the old property, as well as on the new property, until the period of limitations expires for the year in which you dispose of the new property.