Here are some general tax retention guidelines:
Keep records for 3 years if situations like filing a claim for credit or refund after you file your return do not apply.
Keep records for 7 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.
Keep records indefinitely if you do not file a return or if you file a fraudulent return.
Keep employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.
Keep property-related records until the period of limitations expires for the year in which you dispose of the property.
For more detailed information, you can refer to the IRS guidelines.
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