How long should I keep records?
The length of time you should keep a document depends on the action, expense, or event the document records. Generally, you must
keep your records that support an item of income or deductions on a tax return until the period of limitations for that return runs
out.
The time you are required to keep records includes the period of time during which you can amend your tax return to claim a credit
or refund, or that the IRS can assess more tax. The following situations contain the periods of limitations that apply to income tax
returns. Unless otherwise stated, the years refer to the period after the return was filed. Returns filed before the due date are
treated as filed on the due date.
1. You owe additional tax and situations (2), (3), and (4), below, do not apply to you; keep records for 3 years.
2. You do not report income that you should report, and it is more than 25% of the gross income shown on your return; keep
records for 6 years.
3. You file a fraudulent income tax return; keep records indefinitely.
4. You do not file a return; keep records indefinitely.
5. 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 later.
6. Your claim is due to a bad debt deduction; keep records for 7 years.
7. Your claim is due to a loss from worthless securities; keep records for 7 years.
8. Keep information on an asset for the life of the asset, even when you dispose of the asset; keep records indefinitely.
9. Keep all employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.
The following questions should be applied to each record as you decide whether to keep a document or throw it away.
Are the records connected to assets?
Keep records relating to property until the period of limitations expires for the year in which you dispose of the property in
a taxable disposition. You must keep these records to figure any depreciation, amortization, or depletion deduction and to
figure the gain or loss when you sell or otherwise dispose of the property.
If you received property in a nontaxable exchange, you must keep the records on the old property, as well as on the new
property, until the period of limitations expires for the year in which you dispose of the new property in a taxable
disposition.
What should I do with my records for nontax purposes?
When your records are no longer needed for tax purposes, do not discard them until you check to see if you have to keep
them longer for other purposes. For example, your insurance company or creditors may require you to keep them longer than
the IRS does.
Additional Resources
• Publication 535, Business Expenses
• Publication 536, Net Operating Losses
• Publication 547, Casualties, Disasters, and Thefts (Business and Non-Business)
• Publication 594, IRS Collection Process (PDF)
• Publication 583, Starting a Business and Keeping Records
• Publication 225, Farmer's Tax Guide
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