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I would like to know if I need to keep bank and mutual Fund statements?

August 13th, 2010

I have kept bank and mutual fund statements for years. I would like to throw them away if not needed. I have some mutual funds I purchased 15 years ago with dividand invested. In order to calculate the cost basis of the fund when I sell the shares, I think I need to keep records of the cost of share when the dividend was used to purchase additional share. Many of the large Mutual Fund companies have started capturing the cost basis for shareholders in the last 10 years so they calculate the cost basis for you. Some of the smaller mutual funds companies do not have this type of service. Any advice is helpful.

For the bank statement, after I reconcile the checks, do I need to keep them for any reasons?

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Tags: 10 years, checks, cost basis, dividend, mutual fund companies, mutual fund statements, mutual funds companies, shareholders

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One Response to “I would like to know if I need to keep bank and mutual Fund statements?”

oakhill says:

August 13, 2010 at 12:14 pm

Besides your personal use of the records, an important factor is what the IRS recommends. The length of time and what specific records need to be kept depends on the items. For a complete and specific listing, please see the attached link.

Fund picks and pans stocks

I would like to know if I need to keep bank and mutual Fund statements?

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One Response to “I would like to know if I need to keep bank and mutual Fund statements?”

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