How Long Should I Keep Tax Returns. When it comes to tax returns, the rule of thumb is to store those suckers for seven years in case the internal revenue service or state government has. To help, we will share how long to keep tax returns.

Are you supposed to keep these records?

Tax records should always be stored immediately after filing, but how long does a person really need to keep them? If you are wondering how long you should keep your own tax filings, irs gives you an idea of how long you should maintain your records at this website note: How long do you have to keep tax records? Today's question is about tax returns — specifically, how long you need to keep returns and assorted supporting paperwork. How long do you need to keep all these documents? After your returns are filed, it's important to keep the related documentation handy in case the taxman has questions later aside from worrying about how long to save supporting documents and paperwork, you also need to think about what exactly must be saved. Previously, seven years was the recommendation, but morgenstern maintains that three years is enough. For example, if you own rental property as i do how long should you keep all of those documents? You may have stacks upon stacks of old newspapers, credit card statements, random print offs, and even copies of. You need to keep records for a minimum of three years because the irs typically has three years from the date you file to audit your returns, though most audits happen within two years of filing. Here are the rules for the period of limitations and how they apply, straight from the irs website.