How long should I keep tax records?

There’s no single number — the IRS’s guidance is that it depends on the situation — but here are the common benchmarks, drawn directly from IRS recordkeeping guidance.

The general rule

Keep tax records that support an item of income, deduction, or credit until the period of limitations for that return runs out. For many taxpayers that’s 3 years from when the return was filed. But several situations extend it:

• 6 years if you underreported income by more than 25%.
• 7 years if you file a claim for a loss from worthless securities or a bad-debt deduction.
• Indefinitely if you don’t file a return, or file a fraudulent one.

Keep records relating to property until the period of limitations expires for the year you dispose of it (to compute depreciation, gain/loss).

Employment tax records

The IRS says keep employment tax records for at least 4 years after the date the tax becomes due or is paid, whichever is later.

Beyond the IRS

Tax records often need to be kept for non-tax reasons too — creditors, insurers, or other regulators may require longer, and some businesses keep key records longer for their own purposes. State tax authorities have their own rules. So the IRS minimum is a floor, not the whole answer.

The practical approach

Rather than memorizing numbers, fold tax records into your retention schedule: set a defined retention period per record type, grounded in the IRS rules above plus any other applicable requirements, and dispose of them defensibly when the period ends. Always verify against current IRS guidance and your own circumstances — this is general information, not tax or legal advice.