How Long Do I Need to Keep Tax Records​?

January, 05 2026 by Kate Ferreira

How Long Do I Need to Keep Tax Records? Your Complete IRS Record Retention Guide

If you’ve ever opened a closet or file drawer and wondered, “Can I finally toss these old tax returns?” – you’re not alone. As tax professionals, we get this question all the time. Fortunately, you don’t need to worry about the answer – the IRS provides clear guidelines to help you decide what to keep, what to shred, and what to hold onto forever.

Let’s break down the IRS rules so you can declutter with confidence—and stay audit-ready.
 

The General Rule: Three Years

For most taxpayers, the IRS recommends keeping tax records for at least three years from the date you filed your original return, or two years from the date you paid the tax, whichever is later. This period is known as the “period of limitations”—the window during which you can amend your return to claim a credit or refund, or the IRS can assess additional tax.

 

What does this mean in practice?

• If you filed your 2022 tax return on April 15, 2023, keep those records until at least April 15, 2026.
• If you paid your 2022 tax due on June 1, 2023, keep records until at least June 1, 2025.

What records should you keep?

• Copies of your filed tax returns
• W-2s, 1099s, and other income statements
• Receipts, canceled checks, and other documents supporting deductions or credits and used in the preparation of your tax return

Exceptions: When You Need to Keep Records Longer

1. Six Years: Substantial Underreporting
   If you underreport your income by more than 25% of the gross income shown on your return, the IRS can look back six years. In this case, keep all related records for at least six years.
    
2. Seven Years: Worthless Securities or Bad Debt
   If you file a claim for a loss from worthless securities or a bad debt deduction, keep those records for seven years.
    
3. Indefinitely: No Return or Fraudulent Return
   If you do not file a return or file a fraudulent return, keep all records indefinitely. There is no statute of limitations in these cases.
    
4. Property Records
   For records related to property (like your home, rental property, or investments), keep everything until the period of limitations expires for the year in which you dispose of the property. You’ll need these to calculate depreciation, amortization, or depletion, and to figure gain or loss when you sell or otherwise dispose of the property. If you received property in a nontaxable exchange, keep records for both the old and new property until you dispose of the new property and the period of limitations expires for that year.
    
5. Employment Tax Records
   If you have employees, keep employment tax records for at least four years after the tax becomes due or is paid, whichever is later.

Why Keep Copies of Filed Returns?

Even after the period of limitations has passed, it’s wise to keep copies of your filed tax returns. They help you prepare future returns, answer IRS questions, and make computations if you need to file an amended return.

 

Other Considerations

• State Requirements: Your state may have different (often longer) retention requirements.
• Non-Tax Purposes: Insurance companies or creditors may require you to keep records longer than the IRS does.
• Digital vs. Paper: The IRS accepts electronic records as long as they are accurate and accessible.

Quick Reference Table

Final Thoughts

When in doubt, keep your records a little longer. It’s better to have them and not need them than to need them and not have them. And remember, these guidelines apply to federal taxes—always check if your state has any additional requirements.

For more details, visit the official IRS page: How long should I keep records? | Internal Revenue Service. 

If you have questions about your specific situation, submit a question to our blog writers by clicking here. At TaxAudit, we’re here to help you stay organized, compliant, and stress-free!