Record Retention Guide
A common question: how long should you keep your tax and financial records? The general guidance below is a helpful starting point. Because the right answer depends on your situation, please contact us before discarding anything important.
Suggested Retention Periods
| Record Type | Keep For |
|---|---|
| Filed tax returns | Permanently |
| Supporting documents (receipts, statements) | 7 years |
| W-2s and 1099s | 7 years |
| Bank & credit card statements | 7 years |
| Investment purchase/sale confirmations | 7 years after the asset is sold |
| Real estate & property records | Ownership period + 7 years after sale |
| Business income & expense records | 7 years |
| Payroll records | 7 years |
| Retirement plan contribution records | Permanently |
| Insurance policies | Life of the policy + 3 years |
This is general guidance, not tax or legal advice. The IRS statute of limitations is generally three years but can extend to six years or longer in some cases, and records that establish the cost basis of property should be kept longer. When in doubt, keep the record and ask us.
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