top of page

62. What Records Should I Keep for Taxes and for How Long?

According to the IRS, records should be kept for 3 years from the date you filed your original return, and for 7 years if you file a claim for a loss of worthless securities or bad debt deduction. But if you didn’t file a tax return, you need to keep records unlimited time. (the IRS).

Some documents, like paycheck stubs, don’t need to be kept longer than after recording with a W-2 form.

Here is a list of what receipts and records you should keep:

  • Bank statements

  • Annual tax returns

  • Tax receipts

  • Mileage logs

  • Form-W2 and Form-1099 (documents you sent to third parties)

  • Medical records, bills, and claims

  • Mortgage statements

  • Education records

  • Year-end statements for investments

  • Pension plan records

  • Retirement plan records

  • Home sell/buy receipts and documentation

  • Home improvement receipts and documentation

  • Charitable donation

  • Travel expenses

The IRS accepts scanned and printed receipts in case of need (Revenue Proclamation 97-22). So, it’s a good idea to keep all necessary records in a digital and organized properly storage. You can scan or photograph and upload electronic documents to the cloud or to external storage. The purpose is to have a well-organized place for keeping your tax documentation.

United States Tax Services:

Call us at (800) 913-0809 or send an SMS at (224) 676-3577 if you have any questions.

19 views0 comments
bottom of page