What tax records should be kept and for how long

While most documents and records can be discarded after a prescribed period, some should be kept indefinitely. Keep in mind that there may be individual circumstances that transcend the general rules for keeping or discarding documents. Here are the documents that should be kept indefinitely:

• Adoption papers
• Birth certificates
• Cost of purchasing major assets or investments, and costs of additions thereto
• Custody agreements
• Death certificates
• Deeds to property
• Divorce papers
• List of assets (keep current)
• List of previous employers
• Loans that have been paid off (canceled notes or other evidence)
• Marriage certificates
• Passports
• Photographic or video record of house and household contents
• Record of any governmental employment (e.g., armed forces)
• Income tax returns (supporting documentation may be discarded after six years)
• Tax forms and supporting records relating to non-deductible IRA contributions
• Tax forms and supporting records relating to sale of a home

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