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Keeping Cancelled Checks

How many years must cancelled checks be kept?

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There is no requirement that you retain copies of your checks. Many people like to hold them for up to seven years, in the event they have to provide the IRS with copies in the event of an audit. The IRS can audit for three or seven years, depending on the problem.

Personal checks are often held for six months to a year, in the event a payee on one of your checks needs proof of payment, but often times you can get copies of your checks from your bank. It may be done for free, at a cost, or the first few may be free with a cost thereafter. You'd have to ask your bank what their rules are.

Published on BankingQuestions.com 5/12/10