IRS Receipt Requirements 2025: A Plain-English Guide

Good record-keeping saves you money at tax time and protects you if you're ever questioned. Here's a plain-English overview of IRS receipt requirements for 2025 — what to keep, how long, and why digital copies are accepted.

This is general information, not tax advice, and figures change year to year. Verify current thresholds and rates with the IRS or a qualified tax professional before relying on them.

The receipts you should keep

The basics for business expenses

The long-standing rule is to keep receipts for business expenses at or above a set dollar threshold (commonly cited at $75), plus lodging regardless of amount, and anything your employer requires. Thresholds can change — confirm the current figure.

Common personal records

• Medical expenses (if you itemize and exceed the AGI threshold)
• Charitable contributions (with the documentation level rising as the amount rises)
• State and local taxes (within the SALT cap)

Common business records

• Office supplies and equipment
• Travel and lodging
• Vehicle expenses (mileage log or actual costs)
• Professional services, advertising, insurance
• Home-office expenses

Digital receipts are accepted

The IRS accepts digital copies of receipts, provided they're legible, complete, and reproducible on request. In practice that means a clear image showing the business name, date, amount, items, and payment method — stored somewhere you can retrieve it.

Digital copies also solve the biggest problem with paper: thermal receipts fade, often within months. A photo taken at purchase keeps the record readable for years.

How long to keep them

General retention guidance (confirm specifics for your situation):

• ~3 years — most returns and supporting documents
• ~6 years — if income was substantially under-reported
• ~7 years — certain bad-debt or worthless-security claims
• Indefinitely — records tied to property (until sold, plus the applicable period) and asset depreciation

A simple record-keeping habit

1. Capture immediately. Photograph or scan each receipt at purchase.
2. Categorize as you go. Business vs. personal, and by expense type.
3. Keep a durable copy. Back it up so one lost phone doesn't lose your records.
4. Review on a schedule. A few minutes monthly beats a scramble in April.

Where a warranty tracker does — and doesn't — fit

To be clear: Slipcrate is a warranty tracker, not tax software. It won't categorize deductions, generate tax reports, or file for you — use dedicated tools (for example, accounting or tax-prep software) for that.

Where it can help is a narrow, honest overlap: for the things you buy and want to keep proof of — especially business equipment that also carries a warranty — Slipcrate keeps the receipt attached to the item and lets you export your records to CSV. That's a handy side benefit, not a substitute for a tax system.

FAQs

Are bank statements enough for the IRS? Generally no — a statement shows a charge, not what was purchased. Keep the itemized receipt.

Can I use phone photos of receipts? Yes, if the image is clear and complete. A dedicated app is more reliable than a cluttered camera roll.

What if I lost a receipt? Reconstruct what you can from statements and records, and keep better copies going forward.

Do I need to keep paper copies? No — legible digital copies that meet the IRS's requirements are acceptable.

The takeaway

The rules reward one simple habit: capture receipts when you get them, keep clear copies, and hold them for the right length of time. Do that and tax season gets a lot less stressful.

For the warranty side of your purchases, see how Slipcrate keeps receipts and coverage in one place.