I have the 1995 records but previous 7 yr's are wet & moldy I want to discard this poison, yet irs requires keeping old records.What can I do?.
2006-11-01 01:43:04 · 4 answers · asked by hlambke.yahoo.com 1 in Politics & Government ➔ Other - Politics & Government
Unless you are tracking some type of basis (like in a partnership interest for example) it is HIGHLY unlikely the IRS will need any information from a 1994 return.
But to answer the other parts of your question so that you don't have this issue in the future. I scan my tax returns and supporting documentation and keep it on a $15 flash drive that is stored in my safe deposit box - I currently have 11 years on the flash drive and it is not 1/4 full so I think it will be fine for a while. FYI - I started on floppys (one per year) and have used more advanced technology as it is available.
Good luck!
2006-11-01 01:56:58 · answer #1 · answered by FlCpa 3 · 0⤊ 0⤋
I was always under the assumption that the files must be kept for 10 years -- I may be wrong. But regardless, when the IRS audits they rarely go back more than 5 years, it's usually 2-4 years prior that they like to look over. If it's a health hazard, I wouldn't keep it anywhere in your home or near people period. Put it up in a rented storage shed or something - or out in a garage.
2006-11-01 09:47:47 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Store them off-site.
2006-11-01 09:44:48 · answer #3 · answered by kingstubborn 6 · 0⤊ 0⤋
tell them 2 hug a nut
2006-11-01 09:46:55 · answer #4 · answered by Anonymous · 0⤊ 1⤋