Should I keep my old tax returns? If so, for how long?

Yes. The general rule of thumb is to keep your tax returns and supporting documents for at least 7 years.

While the IRS statute of limitations for an audit is typically three years, they can go back six years if they suspect substantial errors (such as underreporting income).

Key Exceptions:

  • Property & Investments: If a return contains info on property you own (like a home purchase or stock basis), keep that return indefinitely until you sell the asset, plus an additional 7 years after the sale.

  • Lost Returns: If you cannot find an old return, you don't always need to pay for a full copy (Form 4506). You can often request a free Tax Transcript from the IRS, which provides the line-item data usually required for mortgages or financial aid.