skip to main content
  • Login to Online Banking
  • Launch Site Menu
decorative colored dots Accounts
    Checking - Consumer
    • Checking Options
    • TotalCare Protection
    • Overdraft Protection
    • Try ClickSWITCH
    Checking - Business
    • Checking Accounts
    • Overdraft protection
    Savings Accounts Certificates & Money Markets Rates
Investments & Insurance
    Investing/Retirement Insurance Investing Login
Borrowing
    Auto & Motorcycle
    • Vehicle Loans Options
    • Today's Rates
    • Online Car buying Service
    Business
    • Business Loan Options
    • Business Loan Check-Up
    Credit Cards Home Loans
    • Home Loan Options
    • Buy My First Home
    • Buy My Next Home
    • Refinance My Home
    • Home Equity Loans
    • Home Improvement Loans
    • Track My Home's Value
    • Today's Home Loan Rates
    Personal & Niche
    • Personal Loan Options
    • Niche Loan Options
    • Consumer Loan Check-up
    • Today's Rates
    Student Loans & Lines NIH Fellows Advantage
    • NIH Fellows Advantage Program
    • NIH Fellows Check-Up
    Optional Protection Programs Get a Second Opinion
Digital Banking
    Online & Mobile Banking Mobile App Zelle My Credit Rx - Credit Monitoring Enroll in Digital Banking
Resources
    Membership
    • About
    • Become a Member
    • Become an @Work partner
    • Member testimonials
    • Leadership
    • Holiday Closures
    • Security & Privacy
    Member Referral Rewards Community Engagement Resources
    • How-To Guide
    • Fraud & Security Hub
    • Financial Check-Ups
    • Financial Wellness Center
    • Financial Webinars
    • Frequently Used Forms
    • In The News
    • My Credit Rx
    Careers Contact
Social
decorative colored dots

Accounts

Checking - Consumer
  • Checking Options
  • TotalCare Protection
  • Overdraft Protection
  • Try ClickSWITCH
Checking - Business
  • Checking Accounts
  • Overdraft protection
Savings Accounts Certificates & Money Markets Rates
decorative colored dots

Investments & Insurance

Investing/Retirement Insurance Investing Login
decorative colored dots

Borrowing

Auto & Motorcycle
  • Vehicle Loans Options
  • Today's Rates
  • Online Car buying Service
Business
  • Business Loan Options
  • Business Loan Check-Up
Credit Cards Home Loans
  • Home Loan Options
  • Buy My First Home
  • Buy My Next Home
  • Refinance My Home
  • Home Equity Loans
  • Home Improvement Loans
  • Track My Home's Value
  • Today's Home Loan Rates
Personal & Niche
  • Personal Loan Options
  • Niche Loan Options
  • Consumer Loan Check-up
  • Today's Rates
Student Loans & Lines NIH Fellows Advantage
  • NIH Fellows Advantage Program
  • NIH Fellows Check-Up
Optional Protection Programs Get a Second Opinion
decorative colored dots

Digital Banking

Online & Mobile Banking Mobile App Zelle My Credit Rx - Credit Monitoring Enroll in Digital Banking
decorative colored dots

Resources

Membership
  • About
  • Become a Member
  • Become an @Work partner
  • Member testimonials
  • Leadership
  • Holiday Closures
  • Security & Privacy
Member Referral Rewards Community Engagement Resources
  • How-To Guide
  • Fraud & Security Hub
  • Financial Check-Ups
  • Financial Wellness Center
  • Financial Webinars
  • Frequently Used Forms
  • In The News
  • My Credit Rx
Careers Contact Social
  • Search the NIHFCU Site
  • View Current Rates
  • Float right menu locate icon
  • Book and Appointment Icon.
  • 5 Tips to Make Your 2022 Financial Resolutions Stick

2022 Tax Season: How Long Should You Hold Onto Those IRS Tax Records?

From BusinessInsider.com

Whenever you file your taxes, a trail of documents are involved. After you’ve settled up with the Internal Revenue Service, you might be tempted to just toss all that paperwork. But the IRS recommends that you preserve your tax returns and related documents for at least three years. Within three years, you can file amendments to your tax return in order to claim a credit or refund. Additionally, the IRS statute of limitations allows for questioning or auditing a return during that time frame.

In addition to your tax returns, you should keep any supporting documentation. The things you should keep include your W2 form, 1099 forms, records of unemployment payments, credit card receipts, invoices, mileage records, statements detailing any securities transactions you made, and documents detailing contributions made to retirement-savings accounts. However, a more complicated tax situation will lead to a longer required holding period. Here are tips on how long you should hold onto these types of returns:

Keep your tax records for 6 years if you omitted some income
The IRS requires you to keep your tax records for six years if you under report income that accounts for more than 25% of the gross income. This extended time requirement won’t apply to you if you have a cut-and-dried tax return with straightforward W2 income. But if you have a complicated return that intentionally underreports income, then the IRS has six years to check the records and assess more tax.

  • Quick tip—The IRS receives information from a variety of sources about your income and uses an automated system to spot potential discrepancies. If there is a potential discrepancy, a tax examiner will review the document further. Depending on what they find, the IRS may assess additional taxes.

Maintain tax returns and records for 7 years for capital losses
If you claim a capital loss from securities or bad debt on your return, keep the records for seven years. The extended record-holding period gives the IRS ample time to check into your claim to confirm that the appropriate amount of tax was paid. In addition to your tax return, make sure to keep detailed records on the capital loss itself.

Keep records for 10 years or longer under certain circumstances
Tax filers who have paid taxes to a foreign government can claim a credit or itemized deduction on those taxes up to 10 years later. The credits and itemized deductions are only available if the same income is subject to US tax. But hanging on to those tax records for the 10 years will help you justify the claim if the need arises.

If you are a property owner, there are additional time requirements to consider. For one, you’ll definitely want to hold the tax records related to a particular property for the duration of your possession. These records will help you determine any depreciation, amortization, depletion deductions, and capital gains related to the property. After you sell the property, you’ll need to keep the records until the period of limitations expires. But there’s a catch when it comes to nontaxable exchanges. If you obtain property in a nontaxable exchange, you’ll need to keep the tax records of both the old property and the new property until the period of limitations expires when you sell the new property.

  • Quick tip—Section 1031 of the tax code allows you to exchange real estate properties of the same type without recognizing a capital gain or loss. Investors and businesses can use this opportunity to further their investment goals without incurring a big tax bill.

The financial takeaway
The IRS clearly outlines the guidelines around how long you should keep your tax records. But some experts recommend holding onto the returns for even longer than the IRS says you should. “It’s easy and convenient to scan and upload to the cloud, and there is very little downside to keeping old returns, but lots of potential nightmares lurking if you need an older return and can’t access it,” says Matthew Jenkins, CFA, CFP and founder of Noble Hill Planning. Ultimately, you’ll be safe following the rules of retention laid out by the IRS. But if you want to hold onto those records longer, it won’t hurt to have them available if you need them.


Note that NIHFCU does not provide tax advice. Please consult with your tax advisor.

×

You are now leaving the NIHFCU website

Although NIHFCU reviews all external weblinks placed on our site, the credit union is not responsible for the content of any third-party website. By following this link, you agree that you are leaving nihfcu.org and understand that the third party who manages this site is solely responsible for its privacy policy, any products or services it offers and the content they publish. If you do not wish to proceed, click "Cancel" below to stay on the NIH Federal Credit Union web site.

The HomeAdvantage program is offered by a third party that is not affiliated with NIHFCU. NIHFCU is not responsible for any services provided in connection with the HomeAdvantage program.

close modal icon

Welcome!

Enjoy our new homepage experience.

Close

Notice

Please be advised that third party cash transactions (via services such as Venmo, Cash App, etc.) may not be disputed through NIHFCU. You must contact the service directly.

Contact Information

NIH Federal Credit Union
PO Box 6475
Rockville, MD 20849-6475

1-800-877-6440 Telephone Icon (TTY 711)

Send an Email

More Contact Information

Follow Us:

Legal Information

Disclosures

Accessibility

Privacy Policy

NIHFCU NMLS #803678

Routing# 255076944

APR = Annual Percentage Rate

APY = Annual Percentage Yield

NCUA – Your savings are federally insured to at least $250,000 and backed by the full faith and credit of the United States Government.

EHO – We do business in accordance with the Fair Housing Act and Equal Credit Opportunity Act.

NCUA Logo Equal Housing Opportunity Logo

© 2025 NIH Federal Credit Union