My files are overflowing with inherited and currently owned royalty statements. How long must one keep these statements? Some statements have hundreds of pages.
3 years, but your bank statements etc should be 7 years.
It would probably be a good idea to scan them into an electronic format and keep the electronic copies forever.
Sometimes the information can be helpful to other people later. 
3 Likes
Depends on your state. In Texas there is a general 4 year statute of limitations on disputing underpaid royalties. from date you knew or should have known. It is my understanding that this applies to missing volumes as well as underpaid revenues. Given that many companies have multi-year adjustments, you might have to reconcile over time. Federal tax returns can be amended up to 3 years from due date, unless you have underreported income by more than 25% and then IRS can come back 6 years after date filed. How far back are you talking?
2 Likes
This topic was automatically closed after 90 days. New replies are no longer allowed.