The IRS generally has three years from the date you filed to audit a return or for you to claim a refund. How long to keep records depends on your situation.
| Situation | Keep records for |
|---|---|
| Standard case, you owe or claim a refund | 3 years from filing |
| You did not report income that is more than 25% of the gross income shown on your return | 6 years |
| You claimed a loss from worthless securities or bad debt | 7 years |
| You did not file a return | Indefinitely |
| You filed a fraudulent return | Indefinitely |
| Employment tax records | At least 4 years |
Keep some things longer
- Records of a home purchase and improvements: until three years after you sell.
- Investment purchase records: until three years after you sell the asset.
- Retirement account contribution records, especially non-deductible IRA contributions (Form 8606).
- A copy of the filed return itself: many people keep these permanently.