Federal law requires you to maintain copies of your tax returns and supporting documents for three years. This is called the “three-year law” and leads many people to believe they’re safe provided they retain their documents for this period of time.
Storing tax records: How long is long enough?
Business Records To Keep...
Personal Records To Keep...
Business Records to Keep
Business Documents To Keep For One Year
Business Documents To Keep For Three Years
Business Documents To Keep For Six Years
Business Records To Keep Forever
While federal guidelines do not require you to keep tax records “forever,” in many cases there will be other reasons you’ll want to retain these documents indefinitely.
Personal Records to Keep
Personal Documents To Keep For One Year
While it’s important to keep year-end mutual fund and IRA contribution statements forever, you don’t have to save monthly and quarterly statements once the year-end statement has arrived.