2006-07-31 06:37:52 · 16 answers · asked by Andy 3 in Business & Finance ➔ Taxes ➔ United States
Seven years because the IRS is open to audit you for the 3 previous years filed. If they do audit you and want to investigate further they can go back an additional 3 years.
Currently you should have and paper work related to your tax returns for these years:
1. 2006 (current year)
2. 2005 (open for audit)
3. 2004 (open for audit)
4. 2003 (open for audit)
5. 2002 (open for additional audit)
6. 2001 (open for additional audit)
7. 2000 (open for additional audit)
2006-07-31 06:48:52 · answer #1 · answered by Adriana 2 · 0⤊ 0⤋
7 years
2006-07-31 13:39:06 · answer #2 · answered by sophieb 7 · 0⤊ 0⤋
7 years
2006-07-31 13:38:42 · answer #3 · answered by stm248 2 · 0⤊ 0⤋
You should make and keep a copy of your completed tax return.
Keep Copy C of all Forms W-2, your Forms 1099 showing interest and other income, and a record of any other information you filed with your return. Keep these records for at least 3 years from the date your return was due or filed, or 2 years from the date you paid the tax, whichever is later. For more information, get Publication 552 , Record keeping for Individuals.
2006-08-04 11:54:02 · answer #4 · answered by awaken_now 5 · 0⤊ 0⤋
In short, you need to keep them for as long as the IRS can potentially challenge you on a particular item claimed on your return. This time frame is generally 3 years from the date you file your income tax return, or, if later, 2 years from the time you pay the tax. Sometimes, this time limit can be extended to 6 years and there is no limit of time for the IRS to bring an action against someone who has filed a false or fraudulent return.
2006-07-31 13:41:53 · answer #5 · answered by Imani 5 · 0⤊ 0⤋
You should keep the tax returns and the documents that support them for a minimum of 7 years. You can shred the monthly bank statements at the end of the year.
2006-07-31 14:20:15 · answer #6 · answered by extra_37 4 · 0⤊ 0⤋
For tax purposes:
Unless fraud is suspected, the IRS has three years to audit a tax return.
Any records relating a capital asset such as a house, stocks, etc. should be kept until the asset is sold. It will be needed to prove the capital gain/loss on the item.
2006-07-31 17:58:36 · answer #7 · answered by STEVEN F 7 · 0⤊ 0⤋
7 years for the IRS
2006-07-31 13:39:16 · answer #8 · answered by dwh12345 5 · 0⤊ 0⤋
I normally hold mine for 3 years
2006-08-02 08:18:42 · answer #9 · answered by AL 6 · 0⤊ 0⤋
IRS says 7 years but I guess you no that now
2006-07-31 13:41:10 · answer #10 · answered by Rondi 4 · 0⤊ 0⤋