How long to keep personal records?

It is necessary to preserve and keep personal records. When it comes to Tax Records, if it is 1099 forms, the minimum is three years. The same duration should be used for other paperwork as well which certifies that you filed your income tax return. For actual tax return forms, it is important to store it permanently. Next, coming to Bank related records, the minimum time period is usually 7 years. Even with bank records, some people keep it for longer time also. This might be useful especially if you plan to get a bank loan or other financial transactions.