Question

1. How long should you keep the following documents and where (at home or in a safe deposit box)?
   1. tax return and related tax documents.
   2. your student ID
   3. monthly credit card statement
   4. passport
   5. receipt for restaurant meal paid for in cash

Answer 1

Answer-

a) tax return and related tax documents - It should be kept in safe deposit box for a period of minimum 7 years

b) your student ID - it should be kept at home and carried as ID and produced when required and should be kept as long as one remains as a student ie. till employement

c) monthly credit card statement - this should be kept at home and for a minimum period of credit cycle atleast for 1 year.

d) passport - It should be kept in a safe deposit box through out the life and need to be carried when travelling abroad.

e) receipt for restaurant meal paid for in cash - it should be kept at home for a duration of maximum 1 month until the time all expenses are calculated for the month.