Question for the board

[oldblood]

States att. told me 7 years or if you have had alot of tax returns keep 10 years.

 

[Justin]

since i've been in ranching, i've got all my records starting at day 1. granted, thats only been about 10 years :wink: but i go back and look threw them quite often to see what i paid for this, or when that was built, or what i was paid for this.....very interesting that in only 10 years, alot of things have changed, fuel cost, seed cost, twine, mineral....yada, yada.

 

[gcreekrch]

since i've been in ranching, i've got all my records starting at day 1. granted, thats only been about 10 years :wink: but i go back and look threw them quite often to see what i paid for this, or when that was built, or what i was paid for this.....very interesting that in only 10 years, alot of things have changed, fuel cost, seed cost, twine, mineral....yada, yada.

I find it depressing to look at the $1.02 per lb I got for my first steer calves sold in 1979. Paid for the pairs I bought in the spring with their calves and I just knew there was MONEY in cows!
Just didn't realize that most years it usually goes out. :?

 

[allen57]

Honestly....I'd keep the main portion of the tax return, but not all of the receipts. Just for the simple fact that I've found some of my grandparents tax returns and other old papers and they were very interesting. Someday those papers may be very interesting to your grandkids.

I have a couple Auction notices of when my grandparents moved. They sold everything.....and it's all listed........kinda sad..but still kinda neat in a way knowing that when they got where they were goin they had to buy all new stuff.

Yep, they are up in the attic along with Mom and Dad's and now, mine. Neatest find was the note from when Grandma and Grandpa bought the place in 1901 and the title that goes back to the Mexican Land Grants.

A little grey area in how long tax records should be kept. But if you have bought (or inherited) an asset you should keep records for it (proof of cost basis and depreciation) until you get rid of it plus the look back period. So really that translates to "forever".

 

[Broke Cowboy]

From a financial and tax perspective the best answer will probably be the one provided by a local ag accounting specialist.

From a personal perspective they are an interesting piece of history.

This place was broken in 1807 or thereabouts - a land grant to a Scottish soldier from the Queen.

Without looking up the records - we have almost every year since this place was begun - either by research or by direct transfer from the old owner - the original person who was given this land was given:

Two oxen
Two axes - one double bitted
One muzzle loading small calibre rifle
One muzzle loading shotgun - single barrel
Powder and shot for both (that is what it said - so we do not know the amounts)
500 pounds of flour
100 pounds of lard
100 pounds of sugar
50 pounds of salt
50 pounds of baking soda
Two tins of coffee beans
Two tins of tea
One flint
Four knives
500 pounds of seed potatoes
Various seeds for vegetables
One "sack" of wheat
One "sack" of oats
and a few other odds and sods.

A few years later he sold 10 cows at market and about one tonne of wheat

I think he cleared about 15 dollars.

He also kept pretty good weather records - with the temps being "hot, nice, cool, cold and bitterly cold - as he did not own a thermometre.

Seems the weather patterns were about the same as today - at least for this area.

Wife still carries on - never misses - it is the morning coffee ritual.

And that my friends is why I think you should never throw out the old records - be they tax or personal - someone down the road will appreciate it - especially as the computer takes over and the paper becomes rare!

My best to all from my desk - AT HOME FOR CHRISTMAS!!!! Nice to be in civilization after a 24 hour trip home.

Best to all

BC

 

[Faster horses]

Glad you are back, BC. Enjoy!!!!!!!
And thanks for your service.