How Long to Keep Tax Records

Right now in 2018 you should have all the supporting records for tax return years 2014 through 2017. I also advocate that you keep your tax return copies forever. If you discard the supporting records for the older years,  then it should not take up too much space. Other than that here are just some general guidelines:

1. Brokerage statements:Just keep the most recent month.
2. Bank statements: Keep only those that support items on the tax return for the current year and the last 4 years.
3. Closing statements on real estate transactions: Keep until the property is sold and store with the tax return in the year of sale.
4. Credit card statements: Keep only those statements that support items on the tax return for the current year and the last 4 years.
5. Business assets: Keep records of purchase transaction until sold or disposed of and store with the tax return in year of sale or disposal.