How Many Years of Income Tax Returns Should I Keep
Minimum 6 Years: It’s generally recommended to keep your income tax returns for at least 6 years.
IRS Audit: The IRS can audit returns filed within the last 3 years, but can extend up to 6 years if they find a substantial error.
No Time Limit for Fraud: If you commit fraud or fail to file a return, there is no statute of limitations for how long the IRS can review your records.
State Requirements: Some states may require you to keep records longer than the federal guideline, so check your state rules.
Supporting Documents: Keep supporting documents like receipts, bank statements, and W-2s along with your returns for the same period.
Property & Asset Records: Hold onto records related to property or investments for as long as you own them, plus 3 years after selling.
Digital Storage: You can store your returns digitally, but ensure backups are secure and easily accessible.
Old Returns: After the recommended period, shred or securely dispose of old returns to protect sensitive information.