I would suggest making sure that the bottle caps are tightly fitted, and then storing it in a cool location that is away from direct sunlight. These conditions are normally best for storing most products.
Apart from a possible loss of scent, it should not degrade too much unless the caps are loose. Like any volatile product, evaporation of the lighter elements will occur over an extended time period.
When the time comes to start using it again, be sure to give it a few good shakes to mix the contents before you use it. If it smells bad, or doesn't smoke very well, then that is the time to decide to replace it.
Due to my location, I tend to buy my smoke fluid in bulk. I'm currently using bottles of Mega-Steam that I purchased 2 years ago, and they still smell great and produce a truly excellent smog cloud.