There is no easy answer to this question. While the basic rule is to keep records for three years after you have filed your return, that period is lengthened if any information is questioned by the Internal Revenue Service (IRS). Then it becomes three years after the final resolution of the items in question for records related to the item in question.
Employment records should be kept for four years. Other records must be kept for six years, and some need to be kept indefinitely. For a more complete answer, go to the IRS Web site at http://www.irs.gov/businesses/small/article/0,,id=98513,00.html.
Documents that indicate ownership, such as automobile title and lien release or property deeds, need to be retained until the item or property is sold. Then keep a copy of the sales transaction.
For credit or installment loans, you should keep copies of receipts, canceled checks, or other paperwork until the debt is paid or as needed.
Always keep these items in a safe place such as a safety deposit box or in other fire- and flood-proof location.
You should also consult your tax preparer for specific advice.
