2006-11-10 15:48:13 · 4 answers · asked by oggrnch 1 in Business & Finance ➔ Taxes ➔ United States
Keep them for good. You should keep returns indefinitely. You might be able to weed W-2's and things like that after seven years (assuming you filed on time) but anything relating to purchase of assets (home for most people) should be retained indefinitely.
The seven year rule for everything is a bad one to adhere to as it fails to take account of individual circumstances. Even the IRS gives dodgy advice in this case!
2006-11-11 02:22:44 · answer #1 · answered by skip 6 · 0⤊ 0⤋
Best practice is to keep copies of anything income tax-related for 7 years. In the event of an audit, expect the IRS to go back at least 3 years and at worst, the last 7 years.
2006-11-11 00:26:18 · answer #2 · answered by Jon S 2 · 0⤊ 1⤋
Keep any and all financial records. Keep them for at least seven years. The IRS will tell you four years, but there are some cases when they can go back further.
2006-11-11 07:34:54 · answer #3 · answered by regerugged 7 · 0⤊ 0⤋
I always tell clients to keep records for at least 7 years.... 10 at the most.
2006-11-10 23:55:47 · answer #4 · answered by Anonymous · 0⤊ 1⤋