The length of time you should keep a document depends on the action, expense, or event which the document records.
Generally, you must keep your records that support an item of income, deduction or credit shown on your tax return until the period of limitations for that tax return runs out, meaning the period of time in which you can amend your tax return to claim a credit or refund, or the IRS can assess additional tax, usually 3 years.
· Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return.
· Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.
· Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return.
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