What records should you keep?
How long should you keep your records?
Records of income
Records of expenses
- Business expenses
- Personal expenses - especially if you itemize
Records for capital assets
- Purchase price including commission
- Cost of improvements
- Sale price including cost of sale
Keep all relevant documents for at least three years
Preferably keep for six years
For capital assets (stocks, bonds, mutual fund shares, home)
Keep all records, including purchase price, until at least three years after you've sold the asset