Updated October 24, 2026. Quick answer: IRS Tax Topic 305 is about recordkeeping. It says you must keep records that support an item of income, a deduction, or a credit on a return, generally until the period of limitations expires for that return. For most assessments that period is generally 3 years from the date you filed.
Quick reference
| Item | What the IRS topic says |
|---|---|
| Why keep records | “Well-organized records make it easier to prepare a tax return and help provide answers if your return is selected for examination or if you receive an IRS notice.” |
| Assessment of tax owed | “this period is generally 3 years from the date you filed the return.” |
| Unreported income over 25% | “the time to assess tax is 6 years from the date you filed the return.” |
| Refund claims | “generally the period to make the claim is 3 years from the date you filed the original return or 2 years from the date the tax was paid, whichever is later.” |
| Property records | “Keep records relating to property until the period of limitations expires for the year in which you dispose of the property in a taxable disposition.” |
| Employment tax records | “you must keep all your employment tax records for at least 4 years after the tax becomes due or is paid, whichever is later.” |
How long the periods run
The IRS topic says you must keep records, including “documents that support an item of income, a deduction, or a credit appearing on a return as long as they may become material in the administration of any provision of the Internal Revenue Code, which generally will be until the period of limitations expires for that return.”
It then lists the periods under the heading for assessment of tax. For the usual case, the IRS topic says “this period is generally 3 years from the date you filed the return.” It adds “Returns filed before the due date are generally treated as filed on the due date.”
Two longer cases appear. The IRS topic says “There’s no period of limitations to assess tax when you file a fraudulent return or when you don’t file a valid return.” For unreported income, it says “If you don’t report income that you should have reported, and it’s more than 25% of the gross income shown on the return, or it’s attributable to foreign financial assets and is more than $5,000, the time to assess tax is 6 years from the date you filed the return.”
Refund claims and property
For claiming a refund, the IRS topic says “If no return was filed, the period to file a claim is 2 years from the date the tax was paid.” For property, it says “You must keep these records to figure your basis for computing gain or loss when you sell or otherwise dispose of the property.” On this site, Form 8606 line 2 shows one place where basis records matter.
Health coverage and business records
On health coverage, the IRS topic says “You should keep records of your own and your family members’ health care insurance coverage.” It adds “If you’re claiming the premium tax credit, you’ll need information about any advance credit payments you received through the Health Insurance Marketplace and the premiums you paid.”
For business owners, it says “If you’re in business, there’s not a required method of bookkeeping you must use.” It also says “However, you must use a method that clearly and accurately reflects your gross income and expenses.” The topic lists Publication 583 and Publication 463 among its related resources.
Where this comes from
This page describes the IRS page titled Topic no. 305, Recordkeeping, as served on irs.gov on October 24, 2026. The IRS page shows that it was last reviewed or updated on 13 Oct 2026. The IRS can change a topic after we read it, and the IRS page controls. General information, not tax or legal advice.
Common mistakes
- Treating 3 years as the only number. The topic also lists 6 years for large unreported income and says there is no limit for a fraudulent or missing return.
- Counting 3 years from the day an early return was actually filed. The topic says “Returns filed before the due date are generally treated as filed on the due date.”
- Tossing property records after a few years. The topic ties them to “the year in which you dispose of the property in a taxable disposition.”
- Assuming a refund claim always runs 3 years. The topic says “If no return was filed, the period to file a claim is 2 years from the date the tax was paid.”
Related: IRS tax topics by number, Form 8606 line 2, total basis in traditional IRAs, Form 1095-A line 33 and Form 8962, Form 1040-X, Form 1040 line by line, and Schedule H, W-2, W-3 and record keeping.
Find the right next step for your situation
About how much do you have invested? Pick the range that fits; your next step appears immediately below.
Talk to an advisor about tax record planning
For U.S. investors with $250,000 or more in investable assets. WiserAdvisor is an independent service matching you with 2 to 3 vetted advisers. Its form asks for your ZIP code and answers to a few questions; a match is not guaranteed.
Free to request, with no obligation to hire. By submitting, you consent to calls, texts and emails from WiserAdvisor and up to three advisers. Advisers pay for introductions.
Clear Money Guide may earn a referral payment for a qualifying completed form. An introduction is not a Clear Money Guide recommendation.
Opens on WiserAdvisor’s site in a new tab.
Explore advisor help organizing tax records
Price the destination before you decide. The matching service below introduces you to advisers who pay to meet you.
Before you start, what actually happens. The form is run by Kapitalwise, our advisor-matching partner. Kapitalwise sends your details to advisers who pay for the introduction, so expect calls and texts. Clear Money Guide may earn a referral payment for a qualifying submitted form, whether or not you ever hire anyone. This is free to you and there is no obligation to hire anyone.
The Kapitalwise form opens here; you stay on this page.
What happens when you press the button
It asks about nine questions: age, investable assets, location; then your name, email and phone number, and verifies the phone by text. Nothing loads and nothing reaches Kapitalwise until you press the button.
Prefer flat-fee or hourly pricing instead? Compare ranges here.
Answer againSources
- IRS, Topic no. 305, Recordkeeping (irs.gov): https://www.irs.gov/taxtopics/tc305
- IRS, Tax topics index (irs.gov): https://www.irs.gov/taxtopics
Read from the IRS pages linked above on October 24, 2026. General information, not tax or legal advice. The IRS topic page and the instructions for your own form control, and your own facts decide the outcome.