Tax Center / Record Retention
Record Retention Guide
General guidelines for how long to keep tax and financial records.
| Document type | Retention period |
|---|---|
| Tax returns (filed) | At least 3 years from filing date Keep 7 years if you file a claim for loss from worthless securities or bad debt deduction. |
| Tax returns (if you underreported income > 25%) | 6 years IRS can look back further when substantial income is omitted. |
| Employment tax records | At least 4 years after tax becomes due or is paid Includes payroll tax deposits and Forms 941, 940, W-2 copies. |
| Business income & expense records | At least 3–7 years (situation-dependent) Receipts, invoices, bank statements, credit card statements, and mileage logs. |
| Asset records (depreciation, basis) | Until period of limitations expires for the year you dispose of the asset Keep purchase invoices, improvement costs, and depreciation schedules. |
| HSA, IRA, and retirement plan records | Permanently or until account closed + limitation period Forms 5498, 1099-R, and contribution documentation. |
| Property tax & mortgage interest (1098) | 3 years with your return (longer if you own the property ongoing) Closing statements (HUD-1/CD) should be kept for as long as you own the property. |
| Insurance policies & estate documents | Duration of policy + limitation period; many estate docs permanently Wills, trusts, and powers of attorney — consult your attorney on retention. |