How long do I need to keep my tax documents?
You should keep your tax returns for at least 7 years, if not forever. If you ever used part of your home for an office, you will want to keep information pertaining to your home such as original purchase price, closing costs to buy, refinance, and sell, and cost of improvements until such time as you sell it. Likewise, keep records on investments for as long as you hold the investment. However, once you receive a year-end statement, you can throw away the previous 11 monthly statements. Keep all other records such as bills, bank statements, etc. for 7 years. We keep copies of our clients’ returns for 10 years.