The Short Answer
Different receipts need to be kept for different lengths of time:
- Everyday purchases: Until the return window closes (typically 30-90 days)
- Warranty items: Until the warranty expires (1-10+ years)
- Tax-related purchases: 7 years (to cover IRS audit periods)
- Major purchases and home improvements: Indefinitely (for resale value or insurance claims)
Let's break down each category.
Everyday Purchase Receipts
Keep for: 30-90 days (until the return window closes)
For routine purchases — groceries, household items, clothing — you only need the receipt long enough to return the item if needed. After that, they're clutter.
Tips:
- Check the store's return policy (it's usually on the receipt)
- Stores like Costco have unlimited returns on most items
- Some stores can look up purchases with your credit card
Warranty Receipts
Keep for: Duration of warranty + 30 days
If an item has a warranty, keep the receipt until the warranty expires. The receipt proves:
- When you bought it (warranty start date)
- Where you bought it (authorized retailer)
- What you paid (for repair value calculations)
Common warranty periods:
- Small electronics: 1 year
- Major appliances: 1-2 years (often extendable)
- TVs and computers: 1-3 years
- Power tools: 2-5 years
- Mattresses: 10-20 years
Pro tip: Register your product with the manufacturer. They'll have your purchase on file, reducing your dependence on the paper receipt.
Tax-Related Receipts
Keep for: 7 years
The IRS generally has 3 years to audit your return, but this extends to 6 years if income is substantially underreported. Seven years gives you a comfortable buffer.
Receipts to keep for taxes:
- Business expenses
- Charitable donations
- Medical expenses (if deducting)
- Work-related expenses
- Home office expenses
- Educational expenses
You don't need paper: The IRS accepts digital copies. Scan or photograph receipts and organize them by year.
Major Purchases
Keep for: As long as you own the item
For big-ticket items, receipts serve multiple purposes beyond returns and warranties:
- Insurance claims — If items are stolen or damaged, you'll need proof of value
- Resale — Buyers of used items often want proof of purchase
- Capital gains — For items that appreciate (art, collectibles), you need purchase price records
Examples:
- Furniture
- Jewelry
- Electronics over $500
- Sporting equipment
- Musical instruments
- Appliances
Home Improvement Receipts
Keep for: As long as you own the home + 7 years
Home improvement costs can be added to your home's cost basis, reducing capital gains tax when you sell. Keep receipts for:
- Renovations and remodels
- New roof, HVAC, water heater
- Additions and structural changes
- Landscaping and fencing
- Appliance installations
Important: Repairs (fixing a leaky faucet) don't count. Improvements (installing a new faucet) do. Keep improvement receipts, toss repair receipts after the warranty period.
Vehicle Receipts
Keep for: As long as you own the vehicle
Maintenance records affect resale value and can help with warranty claims:
- Oil changes and routine maintenance
- Tire purchases
- Major repairs
- Part replacements
After selling: Keep records for 2-3 years in case of disputes.
Medical Receipts
Keep for: 1 year (or 7 years if tax-deductible)
Most people don't need to keep medical receipts long-term unless:
- You're deducting medical expenses on taxes
- You have an HSA/FSA to reconcile
- You're tracking for insurance reimbursement
Your insurance company and healthcare providers maintain records. You only need receipts for your own tax or reimbursement purposes.
The Modern Approach: Go Digital
Paper receipts fade, get lost, and take up space. Digital storage solves all of this:
Options:
- Email receipts — Request email receipts whenever possible
- Scan or photograph — Use your phone's camera or a scanner app
- Receipt management apps — Apps like Recevity automatically extract and organize receipt data
- Cloud storage — Dropbox, Google Drive, iCloud
Organization tips:
- Create folders by year and category
- Use consistent naming: "2025-01-15_BestBuy_TV.pdf"
- Back up to multiple locations
- Set annual reminders to purge old receipts
Receipt Retention Cheat Sheet
| Receipt Type | Keep For | Notes |
|---|---|---|
| Groceries & everyday items | 30-90 days | Until return window closes |
| Clothing | 30-90 days | Check store return policy |
| Electronics with warranty | Warranty period + 30 days | Register products for backup |
| Major appliances | Warranty period | Often 1-2 years minimum |
| Extended warranty items | Extended warranty period | Could be 5-10 years |
| Business expenses | 7 years | Tax audit protection |
| Charitable donations | 7 years | Need for tax deduction |
| Furniture | While you own it | For insurance claims |
| Jewelry | Indefinitely | For insurance and resale |
| Home improvements | While you own home + 7 years | Affects home cost basis |
| Vehicle maintenance | While you own vehicle | Affects resale value |
| Medical (if deducting) | 7 years | For tax purposes |
| ATM/bank receipts | Until statement arrives | Then reconcile and discard |
When in Doubt
If you're unsure whether to keep a receipt:
- Is it tax-related? Keep 7 years
- Does it have a warranty? Keep until warranty expires
- Could you need to return it? Keep until return window closes
- Is it a major purchase? Keep indefinitely
- None of the above? Toss it
The goal is to keep what you need and eliminate clutter. A thoughtful system beats keeping everything or nothing.