[accountinglads]

Most tax records should be held within a period of three years, although, there are cases that demand an extension of the retention period. When you claim a credit or a refund following the filing of your return, you need to keep records (three years or two years after the date of payment of tax) whichever comes later. In the case of unreported income or fraudulent business, retain them indefinitely. Documents regarding property are supposed to be maintained until the time that the property is sold as well as a few years afterwards. Keeping tax records in order will help you to be ready in case of audits, refunds or for later use and also help to prevent having compliance problems.


Source: https://accountinglads.com/how-long-to-keep-tax-records/