Forms Taxpayers Keep

Taxpayers must keep records to prove their income and expenses. If they own a home or investments, their records should contain information needed to calculate the basis of the property.

Advise taxpayers to keep a copy of the following documents for at least three years:

• Form 1040 with all forms, schedules, and attachments
• All other tax-related documents, including Forms W-2 and 1099
• If applicable:
  • Form 8332, Release/Revocation of Release of Claim to Exemption for Child by Custodial Parent (or similar statement)
  • Power of Attorney

If the Tax Records Envelope, or an alternative is available, place the return and supporting documents directly into the envelope.