Vault Guardian renewal education
Tax documents: what to keep and for how long
The IRS has clear retention rules, but they vary by document. Here's the plain-English version for individuals.
The IRS has clear retention rules, but they vary by document. Here's the plain-English version for individuals.
Keep for 3 years
Filed tax returns and supporting documents (W-2s, 1099s, receipts, mileage logs).
Bank and brokerage statements for the year covered.
The 3-year clock runs from the filing deadline (usually April 15) or the actual filing date, whichever is later.
Keep for 6–7 years
Records of any deducted loss (property loss, bad debt, worthless securities).
If you underreported income by more than 25%, the IRS has 6 years to audit.
State tax records — many states have longer audit windows than the IRS.
Keep forever
The actual filed returns (not necessarily every receipt). These are useful for Social Security calculations, mortgage applications, and identity theft disputes decades later.
Home purchase and improvement records — you need them to calculate capital gains when you sell.
Retirement account contribution records, especially non-deductible IRA contributions (Form 8606).
What you can shred
After 3 years: bank statements not tied to deductions, expired warranties, paid utility bills.
Always shred anything with your SSN, account numbers, or signature.
The best system is one you actually use. VaultGuardian's document tags let you sort by tax year with one tap — so you can throw out (or keep) the right things at the right time.
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