20 Oct I have 53 years of tax returns gathering dust. Which ones can I dump?

Q. I have 53 years of federal and state tax forms with supporting documents gathering dust in my attic. How long must I keep them?
— Decluttering, maybe

A. Ah, yes.

It’s very easy to let those items stick around for longer than necessary.

The general rule for keeping these documents is three years, said Evan Drury, a chartered financial consultant with U.S. Financial Services in Fairfield.

Also, any supporting documentation should be kept three years after the date of filing, he said.

“After that, the statute of limitations for an IRS audit expires,” he said.

But, Drury said, there are other timeframes and reasons to keep the documents longer.

He said you should keep them for seven years if you file a claim for a loss from worthless securities or bad debt deduction.

Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return, he said.

You should also keep employment tax records for at least four years after the date that the tax becomes due or is paid, whichever is later, he said.

Drury also noted the IRS suggests you keep records indefinitely if you do not file a return or if you file a fraudulent return.

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This story was originally published on Oct. 20, 2023.

NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.