General guidance on how long to keep tax records. Specific situations can require longer, so when in doubt, ask David.
| Record | Keep for |
|---|---|
| Tax return (Form 1040, schedules, supporting docs) | At least 7 years (some advisors say permanently) |
| W-2s and 1099s | 7 years |
| Receipts for deductions and credits | 7 years |
| Records related to property (basis, improvements) | 7 years after disposition |
| Records of carryovers (capital loss, NOLs) | Until fully used + 7 years |
| IRA contribution records (esp. nondeductible) | Permanently |
| Records of sales of your home | 7 years after sale |
| Bank and investment statements | 7 years |
| Pay stubs (until you reconcile to W-2) | 1 year |
| Major business records / contracts | Permanently while in force, then 7 years |