2007-03-09 15:20:28 · 5 answers · asked by Gnani 1 in Business & Finance ➔ Taxes ➔ United States
In most cases, a taxpayer who files a 1040EZ, or 1040A, should keep and tax information being supplied to the IRS, the last paycheck stub for each job. For three years....
If your taxes are more complicated then the complexity of what you need to keep (records, bank transactions, mileage logs, brokerage transactions, etc) and how long goes up to about 10 years.
It is recommended that one leases a safe deposit box to keep these records so that fire, hurricane, etc will not destroy them.
www.irs.gov, individual, publication 17
good luck & bless
2007-03-09 15:33:50 · answer #1 · answered by Wood Smoke ~ Free2Bme! 6 · 0⤊ 1⤋
Keep your records indefinitely. Tax returns should never be discarded nor should anything necessary to compute the basis of an asset that may be sold in the future. Seven years is a minimum.
2007-03-10 13:01:58 · answer #2 · answered by skip 6 · 0⤊ 0⤋
Specific information can be found in IRS Publication 552: Recordkeeping for Individuals. Generally speaking, 3 years is adequate. Pub is online or can be ordered in paper form by going online or calling IRS.
2007-03-10 00:09:04 · answer #3 · answered by 1040 Agent 2 · 0⤊ 0⤋
KEEP ALL PAPER USED FOR THAT YEAR AND KEEP FOR 7 YEARS...
MINE GO BACK TO 1964...
2007-03-09 23:23:35 · answer #4 · answered by cork 7 · 0⤊ 0⤋
everything for your financial matters regarding your income and expenses....
at least for 7 years you keep it
2007-03-09 23:42:02 · answer #5 · answered by flower 2 · 0⤊ 0⤋