how long should I keep tax records before I can destroy them?

Question

just personal tax records...I don't have a business or anything.

Answer 1

They say you should keep them for 7 years, but as far as the IRS goes, they say they can go back to whatever year they want to audit you, so I just keep mine. They don't take up that much room thankfully.

Answer 2

3 years

Answer 3

Taken directly from the IRS website (cited below)
"The length of time you should keep a document depends on the action, expense, or event the document records. Generally, you must keep your records that support an item of income or deductions on a tax return until the period of limitations for that return runs out.

The period of limitations is the period of time in which you can amend your tax return to claim a credit or refund, or that the IRS can assess additional tax. The below information contains 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."

Answer 4

There you go confusing the uninformed and the far left with truth, facts and logic. You know that just makes them mad. After all that truth to digest just upset their bowls because their minds, oops their unused brain has to process something they are not use to ---the truth. I personally think Obama wants 100% unemp0loyment so his comrade friends can take over America. Two centuries ago, a somewhat obscure Scotsman named Tytler made this profound observation: “A democracy cannot exist as a permanent form of government. It can only exist until the majority discovers it can vote itself largess out of the public treasury. After that, the majority always votes for the candidate promising the most benefits with the result the democracy collapses because of the loose fiscal policy ensuing, always to be followed by a dictatorship, then a monarchy." - Elmer T. Peterson Norman Mattoon Thomas (Nov. 20 1884-Dec 19, 1968) was a leading American Socialist, pacifist, and 6 time presidential candidate for the Socialist Party of America. In a 1944 speech he said: The American people will never knowingly adopt socialism. But under the name of "Liberalism they will adopt every fragment of the socialist program, until one day America will be a socialist nation, without knowing how it happened." He went on to say: " I no longer need to run as a president candidate for the socialist party. The Democrats have adopted our platform."

Answer 5

It is recommended to keep Tax records 3 years, you want to keep all W2 income information to compare with your SS statement when you retire. And if you have a home to keep any records of home improvements indefintely to adjust the basis of your home should you ever sell it

Answer 6

the latest anyone can use for tax auditing is 7 years. After that, nothing is viable.

Answer 7

the IRS can go back three years if they don't find anything, if they do, then they can go back seven years. I would keep your records for at least three years.

Answer 8

7-10 years typically.

Answer 9

I think the suggested time is 7 years.

Answer 10

Ten Years