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How long to hold onto move-out leases/contracts?

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  • How long to hold onto move-out leases/contracts?

    Hi Helpful SST folks!

    I know this questions has been asked on the site many times before. How long should you hold on to moved-out leases/contracts.
    Does it apply from state to state?

  • #2
    7-10 years-my last facility stated firmly-10 YEARS.
    I know, it's a hassle but JUST IN CASE!!! Just be organized and clear on what you write on the boxes and boxes o' stuff. Good thing you run a storage facility, right?
    I was born to be wild, but only until about 9:00 pm.

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    • #3
      We hold on to everything for 5 years. I think the IRS requires 3 years for most businesses.

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      • #4
        7-10 years.

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        • #5
          Many many thanks everyone!

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          • #6
            I am in NJ
            Have been told several times to keep records for a minimum of 7 years.

            This is what I keep and what I do.

            I keep the following things.
            Daily bank deposit slips.
            Move out records, which include the original lease and everything in their folder.
            U Haul documents (daily dispatch/return paperwork)
            I keep them according to the month.

            At the end of the month, I will bundle these documents, rubberband them and place in an empty box of paper!
            I can usually get the entire year in one box!
            I close the lid at the end of the year and mark it by the correct year!

            Good luck!
            Don't put off until tomorrow, what you can do today.

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            • #7
              I would say minimum 7 years, max 10 years. Should have a facility storage unit with a storage shelf set up in it and I just reuse the same boxes I get when I buy copy paper and as the year rolls by I but the move out paperwork in them and at the end of the year the box is marked and then stacked on the shelf in order. As enough time rolls by, get rid of the 10+ years old records and make room for the new.
              "Never let the inmates run the asylum!"

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              • #8
                7 to 10
                Dave (Woodee) Scott

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                • #9
                  IRS requires 5 years a standard audit can go back 3 years, and if they find something they can go back an additional 2 years additional.

                  Statue of Limitations on Civil matters is 2 years for legal stuff, though on some criminal actions there is no statue of limitations.

                  We keep everything for a minimum of 7 years, but we don't destroy files every year either. So sometimes we have files longer as we accumulate enough to warrant a trip to the document destruction place. I can take in around 200 lbs or something free of charge each time.

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                  • #10
                    Thank you everyone ! This is great info and some really great tips!

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                    • #11
                      We also hold for 7 years.....just confirming to you what others have said.....
                      Stephanie Tharpe
                      Senior VP of Operations
                      A+ Storage of Tennessee, LLC
                      Nashville, TN
                      http://www.aplustorage.com
                      615.288.2162

                      TNSSA Board of Directors
                      www.tnssa.net

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