Generally, tax records should be kept for 3 years from the due date of the return to which they apply. Or if the return was filed after the due date, 3 years from the actual filing date. The statute of limitations can be longer if there is fraud, or a return was not filed. Add 2 years if your state statute is longer. Basis records for stock, property and other assets must be kept until the statute expires for the year of sale.