Record-retention decisions depend on what a document proves and the applicable assessment or refund period. A general filing rule should not be treated as permission to destroy every older record.

Property basis and depreciation records may be needed while the asset is owned and after its disposition. Employment-tax, retirement-plan, unfiled-return, and other special situations can require a different retention approach.

Create a retention policy by document type. Keep filed returns and significant ownership records organized, preserve readable electronic copies, and use secure backups. Before destroying support for a major asset, disputed issue, or amended return, review whether it may still be needed.

Your next steps

• Separate annual expense support from long-term basis records.
• Review exceptions before applying a general retention period.
• Keep readable backups and restrict access.

General education, not individualized tax or legal advice. Illustrations use stated assumptions and do not promise a refund or tax saving.