How long do I keep my records and tax return?

Keeping Your Tax Returns

Some of us have a box full of tax returns from the last 15 years. Is that necessary? Not really.

The IRS recommends you should keep your records and tax returns for at least 3 years from the date the return was filed or the date the return was required to be filed (whichever is later). ​

We recommend that you retain your records longer if there are items being depreciated or to keep a record of the cost basis of investments.

Charitable Donation Records

If you are deducting charitable contributions, it's important to keep records of those deductions. All contributions must be made to qualified charitable organizations.

• For contributions worth $250 or more, you must have a written receipt or letter from the organization.

• For contributions worth $500 or more, you must file Form 8283 (Noncash Charitable Contributions) and attach it to your Form 1040.

If you make a cash donation, you must have a bank record or written communication from the charity showing the name of the charity and the amount of the donation. A bank record can be the cancelled check or a statement from a bank or credit union—so long as it lists the charity’s name, the date, and the amount of the contribution. Personal records such as bank registers, diaries and notes are no longer considered acceptable proof of contributions.

Any used items (such as clothing, linens, appliances, etc.) must be in good condition and may only be deducted at the price you could reasonably ask for the item in used condition.