Back to top

Blog

Click here to go back
Oct 12 2015
Record Retention Requirements

Posted in general

Dear Client,

In response to many requests of what tax records should be kept and how long, we have prepared the following list for your reference based on Federal Laws.

Income tax returns and supporting documents - Keep at least 4 years and preferable 7 if space is not critical. Once this period has elapsed, the documents can be discarded, but the returns themselves, which do not take much space,

should be retained indefinitely.

Residential property records - All escrow statements (purchase and sale) plus receipts for improvements should be kept for at least 4 years after the property is sold (including refinance papers).

Purchase receipts for stock, bonds, mutual funds - These should also be kept for at least 4 years after the asset is sold: This would include record of dividends, splits and reinvested dividends. "

Depreciation records For any rental real estate or depreciable business property you own, keep records of the property’s cost, date acquired, and schedule of depreciation claimed in previous years. This record should be kept

until 4 years after the property is disposed of.

Retirement plan contributions — Records of non—deductible lRA deposits, employer plan stock purchased, rollovers, and Keogh plan deposits should be kept until 4 years after the plan assets have been withdrawn.

 

 Personal records - Important papers such as estate and gift returns, divorce and property settlement, deeds, title insurance policies, and all trust documents should be kept in a permanent file, or perhaps safe deposit box.

Miscellaneous papers - All other documents to include bank statements, canceled checks, credit card statements, deposits slips, charitable contribution receipts, and medical bills can be discarded after 7 years.

Last Updated by Admin on 2015-10-12 09:58:48 PM

News

Tips for Taxpayers Who May Qualify for Automatic Penalty Relief

Tips for Taxpayers Who May Qualify for Automatic Penalty Relief    In July 2026, the IRS began to phase in the Automatic Exemption from […] The post Tips for Taxpayers Who May Qualify for Aut...

USVI Residents: Don’t Ignore IRS Filing Notices

USVI Residents: Don’t Ignore IRS Filing Notices If you are a bona fide resident of the U.S. Virgin Islands (USVI), […] The post USVI Residents: Don’t Ignore IRS Filing Notices appeared first ...

Statement From National Taxpayer Advocate Erin M. Collins Regarding Senate Finance Committee Approval Of The TAS Act

STATEMENT FROM NATIONAL TAXPAYER ADVOCATE ERIN M. COLLINS REGARDING SENATE FINANCE COMMITTEE APPROVAL OF THE TAS ACT   July 30, […] The post Statement From National Taxpayer Advocate Eri...

Notarial Fees and Self-Employment Tax: Know What Is Exempt

Notarial Fees and Self-Employment Tax: Know What Is Exempt If you earn money as a notary public, you generally must […] The post Notarial Fees and Self-Employment Tax: Know What Is Exempt app...

Giving Taxpayers a Voice in IRS Appeals Conferences

NTA Blog: Giving Taxpayers a Voice in IRS Appeals Conferences At A Glance • A proposed bill in the House […] The post Giving Taxpayers a Voice in IRS Appeals Conferences appeared first on Tax...

A Long-Awaited Taxpayer Win: The IRS Implements Automatic Penalty Relief

As the National Taxpayer Advocate, I recommend changes to the IRS that will improve tax administration and better protect taxpayer […] The post A Long-Awaited Taxpayer Win: The IRS Implements...

Act on or Before July 10, 2026, to Protect Potential COVID-19 Disaster Relief Refund Claims

This blog is a reminder and quick reference to my four-part series on recent legal developments involving IRC § 7508A(d) […] The post Act on or Before July 10, 2026, to Protect Potential COVI...

Red, White, and Taxpayer Rights: Celebrating Independence Day Through Taxpayer Service and Fairness

Know your rights this Independence Day. Learn how the Taxpayer Bill of Rights promotes fairness, accountability, and better service for […] The post Red, White, and Taxpayer Rights: Celebrati...

National Taxpayer Advocate delivers Fiscal Year 2027 Objectives Report to Congress

Highlights a largely successful filing season and priorities for 2027 WASHINGTON — National Taxpayer Advocate Erin M. Collins today released […] The post National Taxpayer Advocate delivers F...

The Tax Playbook for Foreign Participants in the 2026 FIFA World Cup

Foreign participants in the 2026 FIFA World Cup may have U.S. tax obligations. Learn about withholding, tax treaties, filing requirements, […] The post The Tax Playbook for Foreign Participan...