How many years should a person keep income tax receipts/records?

Answer 1

According to the IRS. 3 years, but it can vary

The time you are required to keep records includes the period of time during which you can amend your tax return to claim a credit or refund, or that the IRS can assess more tax. The following situations contain the periods of limitations that apply to income tax returns. Unless otherwise stated, the years refer to the period after the return was filed. Returns filed before the due date are treated as filed on the due date.

1.You owe additional tax and situations (2), (3), and (4), below, do not apply to you; keep records for 3 years.
2.You do not report income that you should report, and it is more than 25% of the gross income shown on your return; keep records for 6 years.
3.You file a fraudulent income tax return; keep records indefinitely.
4.You do not file a return; keep records indefinitely.
5.You file a claim for credit or refund* after you file your return; keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later.
6.Your claim is due to a bad debt deduction; keep records for 7 years.
7.Your claim is due to a loss from worthless securities; keep records for 7 years.
8.Keep information on an asset for the life of the asset, even when you dispose of the asset; keep records indefinitely.
9.Keep all employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.

Answer 2

One should keep there income tax receipts a minimum of 7 years.

Answer 3

If the person has made a WILL, then till the executors completely distribute the estate amongst the heirs or as written in the will, the case will be assessed separately. If there is no will made by the person, Treat the property of the HUF with the consent of all the members and sharers of the estate, and you may continue the file for longer time. Taking advice of the knowledgeable TAx consultant and paying some fees will be worthwhile.

Answer 4

As long as is practicable. Copies of returns and schedules should be kept indefinitely. Details which may affect future returns, such as capital gains and depreciation information should also be retained. You could weed out the rest after seven closed years, but only if you really have no room to keep it.

Answer 5

i work at a CPA firm and we suggest:
canceled checks, credit card receipts, paid invoices, bank deposit slips, bank stmts, tax returns for 7 years

Answer 6

I save them up to 2years