LONG SHOULD I KEEP MY TAX RECORDS?
As a general rule, the longer you keep your tax documents, the better,
however, the IRS has specific regulations regarding the length of time
for which a taxpayer is required to keep his or her tax documents.
If you owe additional taxes, you must keep records for 3 years from the
date of filing of the original or amended return, whichever is later
unless the following conditions apply:
1) You do not report income subject to reporting and it is more than
25% of the total gross income shown on your tax return. Keep
records for 6 years.
2) The IRS can claim or prove that you have filed a fraudulent
return. Keep records indefinitely.
3) You do not file a return. Keep records indefinitely.
4) You file a claim for credit or refund after you file your
return. Keep records for 3 years from the date you filed your
original return or 2 years from the date you paid the tax, whichever is
5) You file a claim for a loss from worthless securities or bad
debt. Keep records for 7 years.
6) Keep all employment tax records (such as W-2's) for at least 4 years
after the date that the tax becomes due or is paid, whichever is later.
7) Keep all records related to depreciable property for 3 years after
the tax returns are filed for the year in which the property is