Which tax documents should you never throw away?

D

devinluke

New member
I have been organizing my old files, and I have found out that I have a huge stack of tax documents going back several years. I do not know what documents can be safely thrown away and which ones I need to keep in my possession forever. Do you have some tax-related documents (such as returns, W-2s, 1099s, or property-related documents) that you should never dispose of? Moreover, what is the average period of time in years that supporting documents, such as receipts, deductions, or investment statements, are advised to be retained?
 
You should keep certain tax documents permanently, including copies of your filed tax returns, documentation of property acquisitions, and records for investments you still own. While the IRS generally has a three-year window for audits, keeping these key documents indefinitely can be crucial for proving your tax basis on a home or investment when you eventually sell it.
 
You should never throw away tax documents like W-2s, 1099s, tax returns, receipts for deductions, mortgage statements, property tax records, and proof of major expenses. Keep them for at least 3–7 years, as they may be needed for audits, claims, or future reference.
 
You should never throw away tax documents that support your filed returns, such as W-2s, 1099s, bank and investment statements, property records, and receipts for deductions or credits. These may be needed if the IRS audits you or to calculate future gains, so it’s best to keep them for at least seven years or longer for assets like real estate.
 
Never discard documents proving income, deductions, or asset transactions. Permanently keep records related to property (purchase/sale), investments, and IRA contributions. Generally, keep tax returns and supporting documents for at least seven years in case of an audit by the IRS.
 
You should never throw away tax returns, W-2s, 1099s, mortgage interest statements, and records of deductions like medical bills or charitable donations until past the statute of limitations (usually 3–7 years). Keep property records, retirement documents, and major asset receipts indefinitely for proof and future audits.
 
Never throw away these tax documents:


  • W-2 forms (wage statements)
  • 1099 forms (income reports)
  • Receipts for deductible expenses
  • Tax returns and supporting documents (keep at least 3–7 years)
  • Property tax records
  • Mortgage interest statements
  • Records of investments or stock sales
 
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