Guides / Life Events

Recordkeeping Guide: How Long You Should Retain Your Records

Some documents need to be kept forever; most can go after a set number of years. When you're not sure, the safest rule is simple: don't throw it out.

Keep indefinitely

Some records should simply never be discarded: birth, adoption, custody, death, marriage, and divorce documents; property deeds; a current list of your financial assets; wills and other estate planning documents; life insurance policies; a record of previous employers; passports; a photographic or video record of your home and its contents; military or government employment records; tax records tied to non-deductible IRA contributions; and records of paid-off mortgages.

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Keep for a prescribed period

Income tax returns. The IRS generally has three years to audit a filed return, six years if you're self-employed or underreported income by 25 percent or more, and no time limit at all if you never filed or filed fraudulently.

Supporting tax records (W-2s, 1099s, receipts): 1 year generally, 3 years if used for tax purposes, 6 years if self-employed.

Paid-off loan documents: 7 years. Bank and credit card statements: 1 year generally, 3 if tax-related, 6 if self-employed. Brokerage confirmation slips: until the security is sold. Records of a stock sale: 3 years. Contracts: 7 years after expiration. Medical bills: 3 years.

Home improvement receipts that add to your tax basis: 6 years after the home is sold in a non-rollover transaction. Insurance papers: until the policy renews, or 4 years after expiration or cancellation. Records of a home sale: 3 years after it closes. Property tax records and disputes: 6 years after the home is sold. Vehicle records: until the vehicle is sold. Savings bonds: until cashed. Owners' manuals and warranties: until the item is sold or discarded.

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Safe to discard now

Owners' manuals and warranties for appliances or cars you no longer own; credit card and ATM receipts once reconciled against your statement (unless tax-related); and general sales receipts once reconciled, unless they support a tax deduction, in which case the standard 3-to-6-year rule applies.

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Frequently asked questions

How long can the IRS audit a tax return I already filed?

Generally three years from filing. That extends to six years if you're self-employed or underreported income by 25 percent or more, and there's no limit at all if a return was never filed or was fraudulent.

What financial documents should never be thrown away?

Birth, death, marriage, and divorce records; property deeds; wills and estate planning documents; life insurance policies; passports; and records of paid-off mortgages, among others, should all be kept indefinitely.

What's the general rule when I'm not sure whether to keep a document?

When in doubt, don't throw it out. If a document might matter for taxes, legal purposes, or an estate, it's worth keeping until you can confirm with your financial advisor that it's safe to discard.

This guide is for general informational purposes only and is not tax, legal, financial, or investment advice. Every business situation is different, so consult a licensed professional before making decisions based on this content.