How long to keep tax returns?

[amara]

I’m trying to figure out how many years I need to keep my tax returns and related documents. What’s the recommended retention period, and does it change based on amendments, audits, or business records? Any quick guidance would be appreciated.

 

[niyati]

In general, you should keep tax returns and supporting documents for at least 3 years. However:

• 3 years – Standard IRS guideline (or most countries’ basic rule).
• 6 years – If you underreport income by more than 25%.
• 7 years – For records related to claimed losses or bad debts.
• Indefinitely – If you do not file a return or file a fraudulent one.

Keeping records longer is often helpful for loans, insurance, or future reference.

 

[kebido]

Generally speaking, you should preserve tax returns and accompanying documentation for a minimum of three years. But:
Three years is the standard IRS guideline (or the fundamental norm in most countries).
6 years: If your income is underreported by more than 25%.

7 years: For documents pertaining to delinquent debts or claimed losses.
Indefinitely: If you either fail to file a return or file one that is fraudulent.
Longer record-keeping is frequently beneficial for future reference, insurance, and loans.

 

[daisy]

For most people, the IRS recommends keeping tax returns and supporting documents for at least three years from the date you filed the original return (or the due date, whichever is later). In certain situations, a longer retention period of up to seven years or even indefinitely is necessary.

 

[Lucos]

You should keep tax returns for at least 3 years, but up to 7 years if you have major errors or claim losses. Some people keep them permanently for safety.

 

[Shane Warne]

Majority of most experts have advised that you keep the tax returns at least 3-7 years.
This includes audit windows and enables demonstrations in case you have to change old returns.
Retain business related or complicated financial records even longer.
Computerized copies are alright, only ensure that they are safely stored.

 

[Lucky]

In many cases, keep filed tax returns and supporting documents for at least 3–6 years. This covers typical audit/assessment periods. If there are complex situations — e.g. underreported income, investments, or foreign income — you may need to keep records longer (7+ years or indefinitely).