You should generally keep tax returns and supporting documents for at least three years , and in some situations up to six–seven years or longer , depending on what’s in them and where you live.

How long to keep tax returns (quick guide)

  • In many cases, keep tax returns and all supporting documents for a minimum of three years after you file.
  • If you underreported income by more than a certain percentage, tax authorities (like the IRS) can often look back six years , so many people keep returns and records for six–seven years as a safety buffer.
  • For assets (home purchase/sale, stocks, investments), keep records from when you buy until at least three years after you sell , because they prove your cost basis and gain/loss.
  • In the UK, guidance for personal Self Assessment records is to keep them for at least 22 months after the end of the tax year they relate to, which ends up being just under two years, though many people still choose three years or more for peace of mind.

A practical rule many accountants suggest as a story-like “memory hook”:

Imagine a “seven‑year box” in your closet—anything tax‑related for income, deductions, or big purchases goes in there, and you only start shredding once it’s older than seven years (unless it’s tied to a still‑owned asset). This gives you breathing room for normal audits, extended look‑back periods, and future questions.

Personal vs. business tax returns

Personal tax returns

  • For typical individuals, three years is the standard minimum to cover the usual audit window and amended return period.
  • If you had complex situations (large investment activity, foreign accounts, big deductions), keeping records six–seven years is often recommended because authorities may have longer to review cases where income was missed or certain losses were claimed.

Business and self‑employed

  • Business and self‑employed taxpayers are often advised to keep returns and supporting documents for at least six years , because business records are more complex and audits can look further back when income is missing or misreported.

What to keep and for how long

Here’s a simple way to think about it:

  • Keep at least three years
    • Filed tax returns (federal, state, local).
    • W‑2s, 1099s, and other income forms.
    • Receipts and documentation for deductions and credits.
    • Bank and brokerage statements that support figures on the return.
  • Keep up to six–seven years
    • Returns and records for years where you think something might have been missed or was unusually complicated.
    • Documents supporting large deductions, bad‑debt write‑offs, or worthless securities.
  • Keep longer (until after you dispose of the asset + three years)
    • Home purchase and improvement records, closing disclosures.
    • Records for buying and selling stocks, bonds, or other investments.
    • Retirement account records, at least three years after you fully withdraw the account.

Digital storage and shredding

  • Many people now scan and store returns digitally , which makes it easy to keep older years without clutter.
  • When you finally discard paper copies, use secure shredding so sensitive information (SSN, income, account numbers) isn’t exposed.

“How long to keep tax returns” at a glance

[1][3][9][5] [9][5] [1][5] [5] [7]
Situation Suggested minimum
Typical individual tax return At least 3 years after filing.
Complex year / potential underreported income Up to 6–7 years.
Business or self‑employed records Often 6 years or more.
Asset (home, stock) purchase/sale From purchase date until at least 3 years after sale.
UK Self Assessment records At least 22 months after end of tax year (many keep 3+ years).
**Important:** Tax rules differ by country and can change over time, so for a precise answer in your situation it’s wise to confirm with your local tax authority or a qualified tax professional.

Information gathered from public forums or data available on the internet and portrayed here.