Uncle Sam has some clear rules when it comes to keeping your tax records safe for certain periods of time. In general, the time period for each record is actually based on different situations. That’s why it’s always a good idea to keep your records for as long as possible.
So, are you sure you want to throw away those old tax records? Take into consideration the Internal Revenue Service rules before sprucing up your drawer. Fortunately for you, we’ve highlighted the length of time for each document in this post.
How long do you need to keep your tax records? Let’s find out together!
P.S.: Following a system for record keeping is also an excellent idea. So, pick one that suits your needs to simplify your tax record routine.
14 thoughts on “How Long Do I Need to Keep My Tax Records?”
I ran into a situation where I should have hung onto my pay records from 1988 (over 31 years ago). Reason: applied for social security disability. They claimed the year amount I made was wrong but I couldn’t prove otherwise which made my monthly payments smaller. Since then I came across a paper where I owed taxes for that year and had made payment to IRS each month for that year. So my opinion is the original amount was correct and they should owe me more each month.
I suggest keeping pay info such as w-2’s for life or until a person is on social security or in my case disability.
the company you worked for could have supplied you with that record
If you go to the ss website and create an account they have your yearly earnings posted from your first job and if you made more than they say you can dispute it. So rather than holding on to w2’s for 31 years you can compare your income annually and report any discrepancies.
My husband, who has passed away, kept all of our tax paperwork for 40 years. I am going to moving into a much smaller house and would have to rent a storage facility to keep all that I currently have. So, I plan to deep 10 years worth of my tax filing information.
My mother worked for the IRS. She told me to keep Income Tax Returns forever! There are so many circumstances that can be identified down the road. So, to be absolutely safe, always keep your Income Tax Return information.
It appears that you left out a category: Capital gains on real estate held longer than X e.g. home improvements on primary dwelling or upgrades on investment property. Records should be kept as long as property is owned.
I would like to know what bills I should be keeping on file and those not necessary . Example stock reports, medical bills insurance expenses for living etc.
I called the IRS and asked and I was told to keep records 5 years ( in OK anyway).
If the government wants to change any guidelines, what real recourse do we have…..7 yrs. use to the ‘rule of thumb’ IRS suggestion yrs. ago. I look to a “Higher Power” for guidance.
Ther Fed and IRS are the biggest scam against the AMERICAN people. Both organization are private corporations. The federal reserve has nothing to do with the US government and is a private bank that creates money out of thin air backed by NOTHING. The IRS(many name changes to hide their fraud) is a private corporation and the collection agency for the fed. Both acr currently being dismantled and hopefully the American taxpayer will get their motherload REFUND of all unlawful and UNCONSTITUTIONAL taxed with interest paid during their lifetimes. May GOD ALMIGHTY protect we the people and once again lead us out of modern-day EGYPT and free us all from this tax fraud that started in 1913 we pray this to come to reality Amen. We the People REBUKE this financial treason happening to us and pray for full restitution and restoration amen.
The correct answer is FOREVER. The IRS has a legal right to go after you anytime. They have no limit. You do though. If you make a mistake, they can come for you 10, 20, 30….. years later. Don’t fool people.
OK THANK YOU…..
Thank you for being there for me and all that needs your special talents Blessings to you all.
I kept mine forever, it was fun to look back at how little I made at my first job, in 1987, with a 3.25 minimum wage, and a work release form from school, working a few days a week , but only 3 hours a day, after school let out, or at six flags in the mid 1980,s and how little I made my first few years in the navy 1982 -1988, also kept check stubs and leave earning statements and all tax returns. Then a few years ago, I figured out I could scan all that stuff to PDF, and store it on my hard drive.