For how many years should one keep old copies of royalty revenue statements? I have some for some wells that date back to 2001 and would like to reduce unnecessary document retention.
You need them for IRS purposes for seven years. I scan all mine that are older and save them digitally in Dropbox or another cloud storage. You have no idea how many times I have had to go back to old statements to track a well through multiple owners who did not always have correct decimals as the well was sold. Keep your original Division Order as well!
Hadn’t thought of scaning those older ones. Thank you for the idea and for your response.
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