A. Generally, you should keep tax records for 3 years.
What tax documents to keep for 3 years?
The following tax documents should be kept at least 3 years -
- A copy of the return you filed
- W2s
- Logs for mileage
- 1099's
- Receipts
- Any paperwork that support your tax deductions or credits you have claimed
What tax documents to keep for 6 years?
Records dealing with property sales and claimed on your tax return. If more than 25% of your income was omitted from your tax return, the IRS has 6 years to impose any additional tax that is required.
What tax documents to keep for 7 years
Retirement accounts related documents: keep your tax records for 7 years after the funds have been completely withdrawn. Also, hold on to your documentations that long if you claim a bad debt deduction or a loss on securities you labeled as worthless.