The short answer is: none. You need to hold on to all of your 2015 tax records for now. But this is a great time to take a look at your records for previous tax years and determine what you can purge.
The 7-year rule
At minimum, keep tax records for as long as the IRS has the ability to audit your return or assess additional taxes. Given the worst-case scenario, this is six years after you file your return plus one year for good measure. This means you likely can shred and toss most records related to tax returns for 2008 and earlier years.
What tax records to keep longer
You’ll need to hang on to certain records beyond the statute of limitations:
- Keep tax returns themselves forever, so you can prove to the IRS that you actually filed. (There’s no statute of limitations for an audit if you didn’t file a return.)
- For W-2 forms, consider holding them until you begin receiving Social Security benefits. Why? In case a question arises regarding your work record or earnings for a particular year.
- For records related to real estate or investments, keep documents as long as you own the asset, plus seven years after you sell it and report the sale on your tax return.
Just a starting point
This is only a sampling of retention guidelines for tax-related documents. For a more detailed explanation, please see our record retention guide available here:
If you have any questions, please contact us.