(METRO) As individuals attempt to more effectively organize their homes, they may come across a familiar pile of documents that they might hesitate to discard.Conventional wisdom has suggested taxpayers hold on to their tax returns for at least seven years. However, the Internal Revenue Service indicates that the seven-year timeline is not necessarily applicable to everyone. The IRS recommends taxpayers speak with their insurance company or creditors to see if they require account holders to hold on their tax records longer than the IRS. If they don’t, individuals can follow these guidelines, courtesy of the IRS.

Keep records for three years if situations (4), (5) and (6) below do not apply to you.
Keep records for three years from the date you filed your original return or two years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return.
Keep records for seven years if you file a claim for a loss from worthless securiti...