Anyone Keep Their Receipts for "Semi-Important" Stuff?

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SUMMARY

This discussion centers on the categorization of receipts based on their importance, specifically focusing on "semi-important" items such as medical expenses and large purchases. Participants emphasize the necessity of retaining receipts for significant purchases like computers and TVs for warranty and return purposes. While medical records are often maintained by healthcare providers, individuals express uncertainty about how long to keep receipts for semi-important items. The consensus suggests that while tax-deductible receipts are crucial, organization for other categories remains a challenge.

PREREQUISITES
  • Understanding of receipt categorization and its implications for personal finance.
  • Familiarity with tax deduction rules related to medical expenses and large purchases.
  • Knowledge of consumer rights regarding returns and warranties for electronics and appliances.
  • Basic organizational skills for managing personal financial documents.
NEXT STEPS
  • Research IRS guidelines on record-keeping for tax deductions.
  • Explore best practices for organizing personal receipts and financial documents.
  • Learn about consumer protection laws related to product returns and warranties.
  • Investigate digital tools for tracking and storing receipts efficiently.
USEFUL FOR

This discussion is beneficial for individuals managing personal finances, particularly those interested in optimizing their receipt management strategies for tax purposes and consumer rights. It is especially relevant for anyone navigating medical expenses and large purchases.

kyphysics
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I roughly define the levels of importance as follows:

Unimportant: fast food, gas, hair cuts, small discretionary purchases (like candy, magazine/book, sun screen lotion, etc. at Target/Walmart)
Semi-Important: medical (doctor's visit, lab, imaging, etc.), large/expensive purchase item (computer, flat screen TV, furniture, etc.),
Important: IRS/taxes, court/legal fees, insurance premium payments

The first category, I throw receipts away all the time for. But, what should we do with the "semi-important" category?

Anyone keep receipts for stuff like this and, if so, for how long? For example, if I got an MRI, should I expect the MRI place to keep records for me and to not to have to keep a receipt copy (or even MRI report copy)?
 
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I keep receipts for anything that is tax deductible plus those for things like appliance repair, major car work, etc. I'm really good about the tax deductible stuff but not so organized for the rest and sometimes forget to save them.

Medical stuff I don't worry about at all because the docs' offices all keep detailed records and the medical group I go to puts everything online.
 
Just did my taxes, major medical expenses in 2021, never got to the "minimum" necessary to itemize deductions.
 
I would most definitely keep receipts for TVs, computers etc. What happens if you need to return the item due to being faulty? You'd need the receipt.