2006-10-23 09:28:16 · 7 answers · asked by plj 1 in Business & Finance ➔ Personal Finance
The IRS can audit you anytime within 3 years of your filing your tax return. So you must keep ALL associated papers for a minimum of 3 years.
BUT, and this is a huge but, if you are accused of fraud (like not declaring income) there is no time limit. Technically, they can call you and accuse you of filing fraudulent tax returns at anytime, 3, 5, 10, 20 years later.
However, the IRS has bigger fish to fry and the odds are small. I personally keep all my paperwork for at least 10 years if it pertains to my taxes (W-2's, bank statements, property tax statements, interest 1099's, etc)
2006-10-23 09:34:40 · answer #1 · answered by Gem 7 · 0⤊ 0⤋
Up to 5 years.
2006-10-23 16:29:11 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If you do keep those paper things and don't just keep on line records, the old IRS rule was to save everything for 7 years.
2006-10-23 16:30:28 · answer #3 · answered by piano nerd 2 · 0⤊ 0⤋
Generall, you should keep tax records for 7 years. However, you can be audited by the IRS for any period if they suspect fraud, so if you have access to a scanner, I would scan in all your documents and throw them on a password-protected cd and throw it in a safe place like a safe-deposit box.
2006-10-23 16:32:22 · answer #4 · answered by jacktree2466 2 · 0⤊ 0⤋
It is suggested 7 years. Best to check with your tax accountant.
2006-10-23 16:29:18 · answer #5 · answered by YRofTexas 6 · 0⤊ 0⤋
7 years is the ideal-but i'll keep the IRS things forever-ya neva know when they r gonna come afta ya
2006-10-23 16:40:31 · answer #6 · answered by Annie 5 · 0⤊ 0⤋
At least three years, up to seven year.
You can file back taxes up to seven years' prior, that's why they suggest seven years.
Hope this helps! :-)
2006-10-23 16:37:40 · answer #7 · answered by Summer 5 · 0⤊ 0⤋