2006-10-01 07:52:31 · 8 answers · asked by sarahay 1 in Business & Finance ➔ Taxes ➔ United States
Generally speaking, it is only three years that the IRS can audit you. If the IRS claims "fraud" there is no limit on when they can come back on you. You choose how long to keep records based on that.
2006-10-01 10:01:49 · answer #1 · answered by Kathy R 2 · 1⤊ 0⤋
Kathy R is correct about the IRS having 3 years to audit a return unless they suspect fraud and unlimited time in fraud cases. This time starts on the date your return was due or when it was filed whichever is last. If you file an amended return, the audit window restarts. Any records supporting the tax basis for a capital asset should be kept until the tax year in which it is sold is no longer subject to audit. Some records my be useful for non-tax purposes after this time. The link below is the IRS answer to your question.
2006-10-01 17:41:23 · answer #2 · answered by STEVEN F 7 · 1⤊ 0⤋
Preferably, indefinitely. But legally, 7 years. The statute of limitations on IRS audits is 7 years.
2006-10-01 14:56:30 · answer #3 · answered by aint_no_stoppin_us 4 · 0⤊ 2⤋
7 years as a general rule. Some say you only need bank statements for 3 years and paycheck stubs for 7 years.
2006-10-01 14:55:26 · answer #4 · answered by Some Dude 1 · 1⤊ 1⤋
I have heard 7 years to be safe. I have mine from the last 10 years.
2006-10-01 15:00:16 · answer #5 · answered by cfoxwell99 5 · 0⤊ 1⤋
7 years but audit is usually for 3 years back.....unless you commit "fraud" then it's as far back as they want. But fraud is hard to proof due to "intend".
2006-10-02 11:37:52 · answer #6 · answered by Kenshin 5 · 0⤊ 0⤋
check on irs.gov.... but im prety sure its 10 years
2006-10-01 15:00:15 · answer #7 · answered by Anonymous · 0⤊ 1⤋
7 years ---thats wat they told me...
2006-10-01 14:58:41 · answer #8 · answered by Deidre~&~Joshua 2 · 0⤊ 1⤋