How long do you need to keep paper receipts and bills?

You should generally keep paper receipts and bills for at least three years, as this is the typical period the IRS can audit your tax returns. However, if the documents relate to assets or property, it’s advisable to keep them for at least seven years. For warranty purposes or significant purchases, retaining receipts for the life of the product or until you no longer need the warranty is also wise. Always check specific requirements based on your circumstances or consult a tax professional for personalized advice.