How long to keep bank statements?

[Lily]

I’m trying to organize my financial documents and wondering how long to keep bank statements for personal records or tax purposes. Do most people keep them for a few years, or longer for accounting and legal reasons?

 

[dominic]

According to the IRS, you should keep bank statements for at least 3 years from the date of the transaction. This is in case of an audit or if you need to claim a deduction or credit. It's also a good idea to keep statements longer if they're related to a large transaction or business expense.

 

[Ezra]

It’s recommended to keep bank statements for at least 1 year for personal records. For tax purposes, retain statements for 3–7 years, depending on local regulations and financial needs.

 

[robert]

Generally, you want to hold onto your bank statements for a minimum of 1 year so that you can always have them on hand for everyday tracking and budgeting. As far as the Tax department goes, in most countries it is best to keep them for 3 to 7 years as they can be used to support your reported income, expenses, and deductions. Also, digital copies are normally allowed, so you can electronically archive them without having to keep the paper ones for a long time.