I can't remember how many years to keep them. Is it 5, 7, 10, or something else?
2007-04-18 08:42:27 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ Other - Taxes
Generally it is 3 years, provided you follow the rules (file & pay when you're required to, etc). However, the IRS recommends keeping your records for up to 7 years depending on your circumstances. The link below details the IRS-suggested holding periods.
2007-04-18 08:49:06 · answer #1 · answered by Anonymous · 1⤊ 0⤋
The general guidance is 7 years. However if you have tax items that go back longer than that you must keep the records as long as the tax item exists. Home ownership records, rental property records, stock transaction records, and large capital loss carryover records may need to be kept for decades.
2007-04-18 20:40:45 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Until we can get rid of the income tax and the IRS by adopting the the Fair Tax Act ( H.R. 25) , you should keep records forever. In some cases it even helps to keep them after you die. I am not trying to be funny here, but to settle my mother-law's estate, our accountant needed to see her last 2 years returns. Of course he had a copy but still.
2007-04-19 18:50:45 · answer #3 · answered by Anonymous · 0⤊ 0⤋
7 years and after that you don't get audited too.
2007-04-18 16:08:09 · answer #4 · answered by Akbar B 6 · 1⤊ 2⤋