How long to retain records?

[Stephen1]

What is the name of your state (only U.S. law)? WA

How long to keep records? I have seen both 3 years and 7 years cited.
I have my late mother's records. Tax returns for all prior years were properly filed. I was the executor and filed her final return plus the return for the estate. How long after those two returns were filed do I need to hold onto the supporting records?

 

[LdiJ]

What is the name of your state (only U.S. law)? WA

How long to keep records? I have seen both 3 years and 7 years cited.
I have my late mother's records. Tax returns for all prior years were properly filed. I was the executor and filed her final return plus the return for the estate. How long after those two returns were filed do I need to hold onto the supporting records?

I normally recommend 7 years. However, because states sometimes go back 10, 15, or even 20 years, as a tax professional myself I have never discarded a tax return of my own, or its supporting documents. The vast majority of the time however, 7 years would be sufficient to cover almost all contingencies.

Our firm keeps computer files and scanned in supporting documents for as long as the programs can still be used with existing technology. So far, that has been running about 12-14 years on the average.