How Long to Keep Tax Records

Most people hold on to tax paperwork either too briefly or for much longer than needed. The right answer depends on the type of record and on the IRS "period of limitations," the window in which the IRS can assess more tax or you can claim a refund. This guide gives the IRS retention periods, explains which records need to be kept for years after a return is filed, and covers storage.

IRS retention periods

A return filed before the due date is treated as filed on the due date. For a 2025 return filed in March 2026, the three-year period runs from April 15, 2026, so you would keep supporting records at least until April 15, 2029. Keep them longer if you amend, are under audit, or have an open notice. The IRS notes that tax records must be kept as long as they might matter to the administration of any tax rule.

Records you should keep longer than three years

• Tax returns. Keep copies of all your returns. They help you prepare future returns and are needed to amend or respond to an audit, and your survivors or the executor of your estate may need them. You can also get a transcript from your IRS online account. See tax transcripts.
• Home purchase and improvements. Keep the closing statement, receipts for improvements and records of casualty losses. For a home sale, the IRS says to keep these records until 3 years after the due date of the return for the year you sold. See the home sale exclusion.
• Investment records. Keep trade confirmations, annual statements, Form 1099-B and records of reinvested dividends for as long as you own the investment and then for the period that applies to the year of sale. These establish basis, which controls gain or loss. See capital gains and losses.
• IRA records. The IRS says to keep copies of your tax return, Forms W-2, Form 8606 (for nondeductible IRA contributions) and Form 5498. Basis in an IRA can last for decades.
• Rental property. Keep purchase documents, depreciation schedules and improvement receipts until the period of limitations ends for the year you sell.
• Stock options and equity compensation. Keep grant and exercise documents and Form 3921 or 3922 where applicable.
• Foreign accounts and assets. The IRS 6-year rule applies to omitted foreign income above $5,000, and separate reporting rules apply to foreign accounts. See FBAR for Indian bank accounts.

Records to keep for three years

W-2s and 1099s, receipts and canceled checks for deductions and credits (including charitable receipts and medical expenses), mileage logs, childcare receipts, education forms like Form 1098-T, and proof of estimated tax payments.

Storing records

The law does not require any special form of records. You can use your checkbook to track income and expenses, but you also need receipts and sales slips that prove deductions. The same requirements that apply to paper records apply to electronic storage systems: if you replace paper with scans, the system must be maintained for as long as the records matter to the tax law. Store scans in at least two places, label them by year, and keep passwords and backup access for a spouse or trusted person. When it is time to dispose of records, shred paper and securely delete electronic files because they contain Social Security numbers and bank details.

If you lose records

You do not have to start from zero. You can request an account transcript or wage and income transcript from your IRS online account, use bank and credit card statements to rebuild receipts, ask employers for duplicate W-2s, and ask brokers for historical statements. The IRS also lets you request a copy of an old return, for a fee, using Form 4506. If records are missing for a deduction, talk to a tax professional about what reasonable substitutes may be acceptable.

State differences

State time limits can differ from the federal periods listed above, so check your state tax agency's rules and keep records for the longer of the federal and state periods. If you live in Illinois, start with the Illinois Department of Revenue and our Illinois guide. For the federal assessment rules, see statute of limitations for the IRS.

How we can help

We keep copies of the returns we prepare, can pull IRS transcripts, and can help you rebuild records for an audit, a notice or an old return. See individual tax preparation or contact us.

Frequently asked questions

General information only, not tax, legal or accounting advice for your situation. Rules, limits and deadlines change; confirm the current rules with the official source or a qualified professional before you act. Reading this page does not create a professional relationship with CPA Tax Payroll and Accounting Corp.