You'll want to save papers (e.g., annual account statements) associated with an investment for the period of time that you own the investment and then, after selling the investment, for an additional seven years. The reason is to document capital gains (or losses) for your income taxes. The seven-year time frame is longer than the three years required for an audit but is a safe strategy to practice. The IRS can revisit your income tax filing if they suspect underpayment of taxes.
For more information, see the eXtension learning module "Organize Your Important Household Papers: Introduction."
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