How Long Should You Keep Tax Documents?

You’re probably holding onto documents that you don’t need, while also throwing out documents that you might need later. So how long should you keep tax documents? The general rule is a minimum of three (3) years, but six (6) years from filing is a good safe harbor. However, there are exceptions that may require you to keep documents longer.

Exceptions

Document Type How Long to Keep

Tax Returns	Indefinitely for proof of filing
W2 Forms	Until you begin collecting Social Security, just in case there’s questions about your work records or earnings
Real Estate	As long as you hold the property, plus 6 years after filing a return that reports the gain/loss from sale
Investments	As long as you hold the asset, plus 6 years after filing a return that reports the gain/loss from sale
Retirement Accounts	Until you’ve reported the last withdrawal from the account on your tax return, plus 6 years

Keep in mind that these are federal tax record retention guidelines. State and local tax record retention requirements may be different. Additionally, private parties such as lenders and co-op boards may require you to produce copies of your tax returns as a condition of lender money, approving a purchase, or otherwise doing business with you.