Tax Tips for Realtors - To Shred or Not to Shred

As a Real Estate Broker and Tax Accountant I often get asked how long should you retain tax documents. I personally keep everything for 7 years. This adds up to a lot of saved paperwork. So I decided to start saving my tax documents and receipts to pdf files. I keep the current 3 years in paper form and scan the rest. It is good to keep everything for as long as possible. You never know when the IRS will come knocking for that audit.