For whatever reason tax record retention is a mystery to most taxpayers. I get asked all of the time: “How long should I keep my tax records?” The answer is at a bare minimum seven years for most records such as bank statements, receipts, and other supporting documents. However, copies of your tax returns and documents such as purchase escrow documents for real estate documents should be kept forever. If you follow the above, you should be fine. Feel free to call with any more specific questions.
