You don't state whether this is personal or business records. I can tell you that I had boxes and boxes of records in storage from a business I owned. And every year (after the oldest box became 10 years old) I enjoyed throwing out that particular box. Did this every year until they were all gone.
But as far as personal papers, I couldn't tell you. But after you get an IRS audit, you get sort of gun-shy and tend to error on the conservative side of things.
Good Luck!
Onintwo