Should you keep a deceased relatives ancient tax returns?

Question

Unfortunately my father past away a few months ago. Been doing deep cleaning lately and I'm wondering if have any reason to keep his very old tax return documents. I'll keep the most recent but is that all I should keep? He doesn't owe anything or anything like that, so I want to get rid of it. Let me know if I'm not making a huge mistake :)

Answer 1

i think you need to hold onto the records for seven years- but maybe it's different if the person has passed away- call your local tax service- I'm sure they'll know the answer(sorry about your loss)
-ern

Answer 2

If he gave you property (real estate, stocks for instance) while he was alive, your tax basis would be the same as his. You would need to be able to prove what his basis was. His returns may show that information. Also old brokerage account statements. If he did not give you anything except on death, you won't need his old returns. Within the last 3 years could be subject to audit, so keep those.

Answer 3

I've got a bunch of my Dad's, going back into the '50s to the year I was born. It's interesting to see how little my folks made back then, yet provided quite well for 5 kids with it. I don't need them, but there are memories in that pile. Family history, I guess.

Answer 4

The statute asks that you keep his returns for three years back. Keep only the last three years for now, like 2005, 2004, and 2003.

For estate purposes you still need to file his 2006 final personal return and one for his estate.

Answer 5

Let this stuff go...they cannot visit the sins of the father onto the son, as they say. Or the daughter! So sorry for your loss.