Guide Details How Long to Keep Tax Records and Financial Documents

A guide published May 21, 2026, explains how long individuals should keep tax returns, receipts, and other financial documents to meet IRS requirements. The guide also addresses records that may be needed after a parent's death. The general statute of limitations for the IRS to assess additional tax is three years from the date a return is filed.

For a timely-filed 2025 tax return, this period generally runs until April 15, 2029.

If gross income is underreported by more than 25 percent, the statute of limitations extends to six years. No time limit applies if a return is fraudulent or not filed at all. For foreign financial assets, failure to file required information forms such as Form 8938 can extend the statute of limitations to three years after the information is provided.

Taxpayers should keep supporting documentation including W-2 and 1099 forms, receipts for deductions, and records of charitable contributions. IRA contribution records should be retained until distributions are completed. After a death, records supporting a stepped-up basis in inherited property, such as date-of-death appraisals and death certificates, should be kept.

Records tied to final income tax returns, estate tax filings, and inherited assets may also be required by executors or financial institutions.