How long should you keep your tax records in case of an audit?
Table of Contents
How long should you keep your tax records in case of an audit?
three years
Can I get bank statements from 15 years ago?
You need to contact the bank and ask. Banks do keep records typically going back 7 years, though bank policies vary.. Twenty years back would be unusual. Statements are kept digitally or on microfilm or microfiche, with the latter forms taking longer to retrieve.
How many years of paperwork should you keep?
Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.
What paperwork do I need to keep?
How long should you keep documents?
- Store permanently: tax returns, major financial records.
- Store 3–7 years: supporting tax documentation.
- Store 1 year: regular statements, pay stubs.
- Keep for 1 month: utility bills, deposits and withdrawal records.
- Safeguard your information.
- Guard your financial accounts.
How long should you keep monthly statements and bills?
Chart: What records to keep, how long to keep them
| Document | How long to keep it |
|---|---|
| Credit card statements | One month |
| Pay stubs | One year |
| Bank statements | Keep monthly statements for one year. Keep annual statements related to your taxes for at least seven years. |
| Utility and phone bills | One month |
Do I need to keep closing documents?
It’s always a good idea to keep all important closing documents safe and secure for at least a few years after closing. Some may be obtained from your Realtor or lawyer should you need them, but the safest way is to keep them yourself.
