How long is it recomended you keep tax return and IRS documents?

Answer 1

You need to keep it for 7 years because if you are audited, you can be audited as much as 7 years back, so make sure you keep them in a safe place!

Answer 2

3 to 5 years

Answer 3

Five years is a safe bet.

If you have the room, it's ok to keep older ones, but you're not likely to be audited on anything older than five years.

Beyond the IRS reasons, you're talking about documents that have damn near all your essential information. If you dispose of old tax returns, destroy them completely (think burning the shredded pages).

Answer 4

The IRS has three years to give you a refund, three years to audit your tax return, and ten years to collect any tax due. Together, these laws are called the "statutes of limitations." They put time limits on various tax-related actions that you and the IRS can take.

Answer 5

Permanent if it contains details of any real estate transaction, or cost basis computation for a Partnership or S-Corporation. Otherwise, probably at least five years after the Later of the date the return was actually filed, or the due date for filing, or the date the total tax liability was actually fully paid and settled.

Answer 6

Keep your copies of W-2's and anything related to the purchase of a residence forever--yes, forever.
For fraud the Statute of Limitations doesn't run so the IRS could conceivably go back for years.

Answer 7

I am working for H&R Block and we always asking clients to keep all those documents for 10 years.

Answer 8

It is recommended to keep your documents for five years.

Answer 9

95% od audits will happen within a 7 year time span

Answer 10

7 years is standard, if you run a business of your own you should consider a longer span though, just in case...