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Tax Records You Should Keep – and How Long to Keep Them

by | 29 Jan | Uncategorized

There are a few basic records for tax purposes that everyone should keep, including documents that provide evidence of income and expenses. In addition, if you own a home or have investments, you should hang onto related records.

Tax records you should keep include:
• Form(s) W-2
• Form(s) 1099
• Bank statements
• Brokerage statements
• Form(s) K-1
• Sales slips
• Invoices
• Receipts
• Canceled checks or other proof of payment
• Written communications from qualified charities
• Closing statements
• Purchase and sales invoices
• Proof of payment
• Insurance records
• Receipts for improvement costs
• Brokerage statements
• Mutual fund statements
• Form(s) 1099
• Form(s) 2439

If you owe additional tax, generally keep records for 3 years. If you do not report income that you should and it’s more than 25 percent of the gross income shown on your return, keep records for 6 years. If you file a fraudulent return or did not file a return, keep records indefinitely.
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