How Long Should You Keep Those Documents?

We all have various important documents around our house that we know we should keep.  But for how long?  Sometimes it hard to figure out the answer to that questions but here are some guidelines:

Deed and mortgage documents – Forever

Medical bills – At least 3 years

Contracts – At least 6 years

Insurance Policies – At least 6 years after termination of the policy

Settled Insurance Claims – At least 4 years after the termination of the policy

Income Tax Returns – At least 7 years

Records for Tax Deductions – At least 7 years