how long do you need to keep tax records?

Answer 1

Seven years is accurate but nine is better and longer is even better. I had to go back 15 years for my Mother once. So if you can find the room and keep them neat, in order and out of your way but accessible do it. Especially if you are self employed, or you end up in a divorce. It is to your benefit.

PS: My Mother was not audited. She paid her taxes but failed to send in her tax returns for over 10 years. I had to go back with the IRS and research the accuracy. By the time we got done it was 15 years worth. They only are liable to pay her up to 3 years for any mistakes in her favor but she was liable to pay them for any mistakes found.

Answer 2

5 years

Answer 3

I believe the following is still true :-

If the Inland Revenue makes a mistake, you can claim back over payments going back 5 years.

If you make a mistake, the I.R. can claim unpaid Tax going back 7 years.

If the I.R. decide to investigate you for evasion, they can claim unpaid Tax going back to the day you were born. Also, you have to prove to them that you are innocent.

So the answer is :- for ever.

Answer 4

They recommend 7 years but we were audited in the 80's they went back 8 years. So I would recommend 10 years. For the simple fact. The IRS can audit you anytime they want for almost anytime they want.

Answer 5

I usually keep them for 7 years just in case I'm audited

Answer 6

About 7 years here but I would hold onto them longer

Answer 7

i would suggest at least 3 years because most mortgage companies require 2 years of w-2 or income tax statements for income verification.

Answer 8

7 yrs

Answer 9

Regardless of what the rules say, you should keep them till the day you die.

Answer 10

7 years here!