A printed copy of last year’s return is important, but it may not contain every historical item your next professional needs.
Start with complete returns
Keep complete federal, state, and local income-tax returns for prior years, including statements and schedules.
Ask about continuity schedules
- Depreciation and amortization schedules
- Shareholder or partner basis schedules
- Capital-loss carryforwards
- Passive-activity loss carryforwards
- Net operating loss information
- Installment-sale schedules
- Credit carryforwards
- State tax carryforwards and elections
Preserve entity and election records
If you own a business, keep formation documents, S corporation elections, accounting-method information, ownership records, and important prior correspondence.
Keep notices and resolutions
Prior IRS or state notices—and evidence of how they were resolved—can become important years later.
Reviewed for accuracy · October 2026 · Editorial Standards · Sources & Authorities