Record retention guide
How long to keep tax records, and why.
Keep returns and supporting documents for the IRS period of limitations. Here is what that means in practice.
3 years
The standard period after you file.
6 years
If more than 25% of income went unreported.
No limit
If a return was fraudulent, or never filed.
Why keeping records matters
Good records mean faster refunds, no late-filing penalties, every credit and deduction you are entitled to, and quick answers when the IRS asks a question.
For property and investments, keep the records until the period of limitations closes for the year you sell.
Records for specific tax benefits
- Adoption credit: every adoption expense.
- Home office: the size of the workspace and related expenses.
- Energy credits: receipts for solar panels and energy-efficient upgrades.
- Cryptocurrency: every transaction.
Modern recordkeeping
- Digital receipts, emails and app transactions count as proof.
- Keep business and personal expenses separate.
- Track depreciation on long-term business assets.
Before discarding old records, check whether a lender, insurer or property claim still needs them.
Commonly needed records
| Category | Records | Why |
|---|---|---|
| Income | W-2s, 1099s, bank statements | Accurate reporting prevents overpayment and IRS penalties. |
| Expenses | Tuition, mortgage interest, medical bills | Supports deductions and credits. |
| Capital gains and losses | Property purchase, sale and improvement records | Needed to calculate taxable gains or deductible losses. |
| Family changes | Marriage, divorce and adoption documents | Affects filing status, deductions and credits like the Child Tax Credit. |
Reference: IRS, How long should I keep records? (opens in a new tab)