How long should I keep tax filing paperwork?

Answer by  Att4372 (1704)

You need to keep records for as long as the item is current. Tax forms that contain contributions to non-deductible IRAs need to be kept for as long as the IRA is open. Returns for depreciation for rental property and business should be retained until property is disposed. For normal conditions, however, 3 years past filing date is enough.

Answer by  worker2746 (2434)

There are many schools of thought when it comes to this question. My guidance from many professionals in the field of tax law is to keep records for at least ten to 15 years so that you have a basis to work off from and may need the records in the future.