The basic rule to keep in mind is that the statute of limitations on IRS audits and assessments is three years after the filing deadline for your 1040 return. The three years starts running on April 15th. However, if you filed an extension, you must wait until three years after the extension due date, not the April 15th tax date.

That means you should keep your 1099s, W-2s and supporting documents (letters from non-profit organizations, backup for deductions, etc.) for at four years.

Naturally, there are exceptions to this rule.

1) The IRS can come after you any time if it believes you cheated on your taxes.

2) The IRS can come after you any time if you failed to file a tax return.

3) The IRS can come after you for six years if you under reported your gross income by 25% or more.

Other variations you should know about:

4) If you have a worthless security, such a stock in a company that officially declared bankruptcy, you should keep all relevant documents and information for 7 years.

5) If you are depreciating something, such as business equipment or rental property, keep records for as long as the item(s) are being depreciated.

6) All documents relating to real estate should be kept for as long as you own the real estate - proof of purchase, insurance records and all receipts for home improvements.

7) You should also keep records for any and all assets you own, not just for real estate. That means purchase slips for stocks, bonds, automobiles, and expensive property (jewelry, computers, collectibles, art work, antiques, etc.).

TIP: Make a copy of all receipts and records and put the originals in your safe deposit box, to protect them against damage from a flood or fire that might occur in your home or place of work.

For any further questions you may have on the topic, go to: www.irs.gov  and in the search box type: "keeping tax records."