How Long Should One Keep Receipts for IRS Purposes?

  1. At a Mininum

    • The IRS has three years to audit individuals for what they believe to be "good faith" errors in filing. Therefore, at a minimum, all receipts should be saved for at least three years.

    To Be Safe

    • Although the IRS only has three years to audit "good faith" errors in filing, they have up to six years to audit individuals if they suspect the taxpayer under-reported their income by more than 25 percent. Therefore, you could need your receipts for up to six years.

    Bottom Line

    • Ultimately, it would be wise to keep all receipts for seven years to ensure you have all the needed records in any audit scenario.

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