Financial Planning for Generation X & Y Women
 
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Expert Q&A Archive

02/25/2008
Can I get rid of my credit card receipts?
Once you get your credit card statement and everything matches [your receipts] and you have no returns or any outstanding issues with the vendor, is it safe to get rid of credit card receipts?
Sharon P. Hardy, CFE:
expert info »
Absolutely. If something of concern should arise at a much later date, such as a dispute with a vendor on what was actually billed and subsequently paid, the card holder could always request a duplicate copy of their statement(s), which should, in turn, be able to resolve the dispute at hand.
Rosemary Ervin, CPA:
expert info »
You may still need the receipt if there is a warranty issue--something you may need to return because of a defect--or a charitable contribution through a credit card.

Author's Note: To ensure compliance with requirements imposed by the IRS, we inform you that any tax advice contained in this communication (including attachments) is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties assessed under the Internal Revenue Cod
Elizabeth Rusnak:
expert info »
If you haven't already invested in a paper shredder, do so NOW. Unless you need those receipts for tax purposes, shred them after you've reconciled your statement (and also once you determine you are keeping your product); however, larger purchases (computers, etc.) you may want to retain the receipt with the paperwork from your purchase (for warranty/repair purposes).
Jeff Kyle:
expert info »
I would keep a file for each credit card and keep the records back for one year. If you have a reason (such as you are itemizing something on your taxes) there is no real reason to keep it longer than a year. It's all personal preference.
Jody Rorick, CPA:
expert info »
Yes, unless you need them as proof of your deductions. For example, office supplies for a home office would list the supplies you bought on the receipt but not on the statement. In that case, you would staple the receipt to the stub and keep it with your tax return.