DealersEdge Professional Forums

How long are we to retain parts sales invoice copies? Some say forever as long as there is space and others have told me as little as three years ???? May vary from state to state.

Varies from state to state. In Washington it is 7 years.

MOST STATES IT IS SEVEN YEARS THEN NEEDS SHREADED

Unless your insurance company has a different guideline the only reason to keep them is for IRS purposes. From the IRS website:

Period of Limitations that apply to income tax returns
Keep records for 3 years if situations (4), (5), and (6) below do not apply to you.
Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return.
Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.
Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return.
Keep records indefinitely if you do not file a return.
Keep records indefinitely if you file a fraudulent return.
Keep employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later