How Long Do I Need To Keep Tax Records? The typical audit period that the IRS suggests to maintain tax records is three years following the filing because this is the default audit duration. Nevertheless, when the number of errors is significant or the income is not reported, it is better to retain them within six years. Documentation of property such as real estate or investments should be maintained until the sale of the property and three years after sale. The records of the payroll taxes ought to be kept by the businesses at least four years. It can also be beneficial to keep as long as you can hold onto tax documents in case you have to make corrections to a return or check previous financial data.