So it’s January - and now you realize that you’ve got to get ready to meet with your CPA - and before you even know what to look for in 2017, you decide that since you haven’t looked at your 2016 return since we handed it to you last February or March ( you didn’t wait until April last year did you? ), you better check it out again.

After remembering which drawer you threw this in, you find you’ve got 25 years of tax returns and related documents, in various states of decay, and you cry out to the heavens “How long does Jim want me to hang on to these blasted things?!”

The answer is, as always - “it depends.”

Our general rule is 7-10 years. We’re about to prepare your 2017 return - meaning you can probably throw away your 2010 return - usually the IRS can’t go after returns more than 3 years old, but 6 years in exceptional circumstances. So, keep 7 years just to be safe - EXCEPT:

Don’t throw away W-2’s until you have been to the Social Security website (www.ssa.gov) to check your benefits. Are they missing any years’ earnings records?
Don’t throw away returns where you claimed a large loss resulting in a carryforward or carryback (NOL’s, Capital losses). This is one of the favorite things for the IRS to audit if they decide to pick you.
If you’re an owner or beneficiary in any entity that generates K-1’s (S Corporations, Partnerships, Trusts) - some day when these entities shut down, or you sell your interest - your CPA may ask you “what’s your cost basis?” and you will look at us with a dumbfounded look as if we just spoke Greek. This question will be a lot easier to answer if you kept those K-1’s from the beginning of your investment.
There are others, but they’re not common enough to worry about here.

What about all the other stuff?

Bank statements and credit cards? - if your return is simple, 3 years - if it’s for your business, maybe hold onto for 7 years.
Investment statements (IRA’s, 401ks, Brokerages) - 7 years
Vehicle records - until vehicle is sold
Residence records (purchase, improvements, sale)- keep for 7 years after the home is sold
Utilitiy bills - 3 years at most - toss if it’s for residence and you never used as a deduction - if you took a home office deduction - ask your CPA if you should.

There are plenty of guides out there - do what you feel comfortable with. If you have room in the attic, you can afford to be more conservative and hang on to more stuff. But the answer is almost always - "it depends."