<prompt> Human: I have a two drawer filing cabinet. Its pretty packed with old records. The wife and I want to only keep relevant papers in there. Banking statements, medical records, personal documents, etc. Im in the mindset to hold onto ALL of my tax records, but maybe thats just being silly. I have pay slips from my first job almost 20 years ago and all jobs that followed. My current job is direct deposit with payslips being online only.I also have the monthly account statement for a bank Im no longer with.Beyond having my future son tally up how much I made and spent in a year, what purpose do I have to hold onto them?  <response>: Some combination of the IRS 7 years and the statute of limitations for being sued in your state. 