how long does a taxpayer have to retain his records and related papers for personal tax returns that have been filed? i.e. when does the stature of limitations expire on irs audits?
2006-10-10 07:15:56 · 8 answers · asked by bayfourshack 2 in Business & Finance ➔ Taxes ➔ United States
3 years but it is best to save 4 years. However, if you have amounts on your return that are dependent upon previous returns, you will have to save those also. These might include cary forward capital gains losses for example.
2006-10-10 07:20:22 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The recommended retention I had been told was 5 years at the most. But I would take and digitally archive your tax papers so that you may store them on a computer disk drive, or thumb drive for which you can put into a safe. All you would need is to do this each year you file so that you have a digital backup of your records so the paper doesn't take up any space at home.
2006-10-10 07:19:38 · answer #2 · answered by A.M. Gonzales 3 · 0⤊ 0⤋
good thought to maintain them for 7-10 years. You in no way understand once you're able to prefer a W2 as data of employment while a former business organization is going under. the actual requirement is your final 3 years.
2016-11-27 19:30:43 · answer #3 · answered by meriwether 4 · 0⤊ 0⤋
Good rule of thumb is 7 years.
2006-10-10 07:31:22 · answer #4 · answered by salter 2 · 0⤊ 0⤋
the general rule of thumb is 7 years
2006-10-10 07:18:14 · answer #5 · answered by axel 1 · 0⤊ 0⤋
About four to six years for me depending on what it is. you can see the IRS's own guidelines here: http://www.irs.gov/businesses/small/article/0,,id=98513,00.html
2006-10-10 07:19:13 · answer #6 · answered by profitmessenger 2 · 0⤊ 0⤋
Seven years.
If you're in business you need to have a good CPA (as well as lawyer). I'm suprised your CPA doesn't advise you on these issues.
2006-10-10 07:18:48 · answer #7 · answered by geek49203 6 · 0⤊ 0⤋
Go to irs.gov for the reliable answer to such questions.
http://search.irs.gov/web/query.html?search.x=36&search.y=11&search=search&tx0=keep+records&fl0=&tx1=&fl1=&tx2=&fl2=&tx3=&fl3=&op0=%2B&ty0=w&op1=&ty1=p&op2=&ty2=w&op3=-&ty3=w&sac=1&ff=0&charset=utf-8&chkbox0=1&chkbox1=0&chkbox2=0&chkbox3=0&chkbox4=0&chkbox5=0&chkbox6=0&chkbox7=0&chkbox8=0&chkbox9=0&chkbox10=0&chkbox11=0&chkbox12=0&chkbox13=0&chkbox14=0&fcol=&cqp=&col=allirs&col=&col=&qp=&dt=an&inthe=604801&ady=10&amo=9&ayr=2006&bdy=11&bmo=10&byr=2006&nh=10&rf=0&qt=
2006-10-10 07:17:04 · answer #8 · answered by MOM KNOWS EVERYTHING 7 · 1⤊ 0⤋