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Skip to main content. My Priorities Search. Returns filed before the due date are treated as filed on the due date. Note: Keep copies of your filed tax returns. They help in preparing future tax returns and making computations if you file an amended return.
The following questions should be applied to each record as you decide whether to keep a document or throw it away. Generally, keep records relating to property until the period of limitations expires for the year in which you dispose of the property.
You must keep these records to figure any depreciation, amortization, or depletion deduction and to figure the gain or loss when you sell or otherwise dispose of the property. If you received property in a nontaxable exchange, your basis in that property is the same as the basis of the property you gave up, increased by any money you paid. Now that tax season is over , you can forget about taxes for a while! Unless, of course, you got a filing extension.
But what should you do with all the forms, receipts, canceled checks and other records scattered across your desk? Do you need to keep them, or can you throw them away or, should I say, shred them? The IRS generally has three years after the due date of your return or the date you file it, if later to kick off an audit of your return, so you should hold on to all your tax records at least until that time has passed.
But you should keep some records even longer, and it's also a good idea to hold onto copies of the return itself indefinitely. Also think about keeping certain documents for non-tax purposes. For instance, it might be wise to save W-2 forms until you start receiving Social Security benefits so you can verify your income if there's a problem. Here's a general rundown on how long you should keep certain common tax records and documents. Of course, you can always hang on to them longer if you want…but don't become a pack rat!
Keep pay stubs at least until you check them against your W-2s. If all the totals match, you can then shred the pay stubs. Take a similar approach with monthly brokerage statements—you can generally dispose of them if they match up with your year-end statements and s.
Generally speaking, you should hold onto documents that support any income, deductions and credits claimed on your tax return for at least three years after the tax-filing deadline. Among other things, this applies to:. If, like most people, you don't itemize deductions on Schedule A , you might not need to hold onto as many documents.
Neat, complete, well-organized financial files speed the process of filing your tax return and can keep you from making errors. Maintaining some semblance of order after you've filed your return — rather than tossing it into a file cabinet or shoebox — will come in handy if the Internal Revenue Service has questions about your form. People who keep too many financial papers often struggle just as much to find needed documents as those who don't keep any files. For an individual tax return, you'll need to save anything that supports the figures you entered on your return.
You should keep the W-2 and forms you get from employers, for example, as well as any B or INT tax documents from banks, brokerages and other investment firms. If you lost your job last year and received unemployment benefits from the government, be sure to keep your G form, which reports the amount you have received.
If you're itemizing your deductions, keep receipts for these: credit card and other receipts, invoices, mileage logs and canceled checks. If you've bought or sold mutual fund shares, stocks or other securities, you'll need confirmation slips or brokerage statements that say how much you paid for the investments and how much you received when you sold them.
Keep a copy of all your investments for at least three years after you have sold them. Similarly, if you've sold a home, you'll need records that prove what you paid and what you received from its sale.
And if you've sold a rental property, you'll need detailed records of the amount you've invested in the property over the years, as well as how much you deducted for depreciation. It's wise to keep Schedule E, the form you fill out every year for rental income, as long as you own the property. Get instant access to discounts, programs, services, and the information you need to benefit every area of your life.
You've likely heard that seven years is the perfect period to hold on to tax records, including returns. The statute of limitations has some important exceptions, and if your tax return has any of these, you'll need to keep your returns and your records longer than three years. For example, the statute of limitations is six years if you have substantially underestimated your income.
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