Why Keep Records?

	Identify sources of income
	Keep track of expenses
	Keep track of the basis of property
	Prepare tax returns
	Support items reported on tax returns

What kind of Records Should I Keep?

	Computerized records
	Copies of tax returns

Basic Records:
For items concerning your...	KEEP as basic records...
Income	Form(s) W-2 Form(s) 1099 Bank Statements Form(s) K-1
Expenses	Sales slips Invoices Receipts Canceled checks or other proof of payment
Home	Closing statements Purchase and sales invoices Proof of payment Insurance records Form 2119 (if you sold a home before 1998)
Investments	Brokerage statements Mutual fund statements Form(s) 1099 Form(s) 2439