Resources / Record Retention Guide
Record Retention.
How long to keep the paperwork. The IRS generally has three years to audit a return, six if income is substantially understated, and no limit for unfiled or fraudulent returns — which is why “seven years” is the safe default for most supporting records.
Personal
| Tax returns (as filed) | Permanent |
| Supporting documents (W-2s, 1099s, receipts) | 7 years |
| Bank & credit card statements | 1–3 years |
| Investment purchase & cost-basis records | Until sold + 7 years |
| Home purchase & improvement records | Until sold + 7 years |
| Loan documents | Until paid off + 7 years |
Business
| Tax returns & supporting records | 7 years |
| Payroll tax records | 4–7 years |
| Employee records (after termination) | 7 years |
| Year-end financial statements | Permanent |
| Formation documents, minutes, deeds | Permanent |
| Asset & depreciation records | Life of asset + 7 years |
Please note
These are general guidelines, not legal requirements for your situation. Lenders, insurers, and some states ask you to keep records longer, and certain industries have their own rules. When in doubt, keep it — or ask us before you shred.