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§ Tax Center

BOCA RATON · UPDATED MAY 2026

Record Retention Guide

The IRS can examine most returns for three years after filing — but that window extends in several situations. Our general advice: keep tax returns forever, keep supporting records for seven years, and keep some documents (home purchase, investments, major repairs) as long as you own the asset.

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Tax records

Tax records support numbers on your return — if the IRS questions a deduction or income item, you need the backup.

Document typeHow long
Tax returns (federal & state)Forever
W-2s, 1099s, 1098s7 years
Receipts for deductible expenses7 years
Charitable contribution records7 years
Records of stock / mutual fund purchasesUntil 7 years after sold
Records of home purchase + improvementsUntil 7 years after home sold
IRA contribution statements (Form 8606)Until withdrawn completely
Records supporting bad-debt deduction7 years
Records supporting worthless securities7 years

Business records

Separate from tax support, business records serve operational + legal purposes.

Document typeHow long
Articles of incorporation / organizationForever
Corporate minutes + bylawsForever
Annual reportsForever
Property records (real estate + equipment)Until 7 years after disposal
Accounts payable / receivable ledgers7 years
Bank statements + canceled checks7 years
Expense reports + receipts7 years
Payroll records + timecards7 years
Retirement plan documentsForever
Employee contracts7 years after termination

Personal financial records

Outside the tax context, there's still a retention cadence worth following.

Document typeHow long
Birth / marriage / death certificatesForever
Social Security cardForever
PassportUntil expired + 1 year
Property deeds + titlesUntil sold + 7 years
Mortgage documentsUntil paid off + 7 years
Insurance policiesDuration of policy + 7 years
Medical recordsAt least 7 years
Credit card statements1 year (or 7 if tax-relevant)

Other resources

Tax Due Dates Tax Rates Tax Refund Tracker

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§ FAQ

Questions we hear about keeping records.

How long should I keep my tax returns?

Keep your federal and state tax returns forever. The supporting records behind them, such as W-2s, 1099s, 1098s, and receipts for deductible expenses, should be kept for seven years.

How long can the IRS examine my tax return?

The IRS can examine most returns for three years after filing. That window extends to six years if you omit more than 25% of your gross income, and there is no statute of limitations at all if you never file or file a fraudulent return, meaning the IRS can review those years indefinitely.

How long should a business keep payroll and financial records?

Keep payroll records, timecards, bank statements, canceled checks, and accounts payable and receivable ledgers for seven years. Formation documents like articles of incorporation, corporate minutes, bylaws, annual reports, and retirement plan documents should be kept forever.

How long do I keep records for my home and investments?

Keep records of a home purchase and its improvements until seven years after you sell the home. Records of stock and mutual fund purchases should be kept until seven years after the shares are sold, and IRA contribution statements on Form 8606 should be kept until the account is fully withdrawn.

How long should I keep bank and credit card statements?

Keep bank statements and canceled checks for seven years. Credit card statements can generally be kept for one year, but hold them for seven years if they support something on your tax return.

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