How long should we keep deceased bankstatments and taxes? My grandma died in 2006 and my great aunt passed away this year.
2007-09-23 10:10:36 · 5 answers · asked by Kat 3 in Business & Finance ➔ Taxes ➔ United States
Generally it is 3 years from the date you filed the last return including extensions. IRS has three years to send you any demand.
However, if you did not report income that you should have reported on your return, and it is more than 25% of the income shown on the return, the period of limitations does not run out until 6 years after you filed the return.
If a return is false or fraudulent with intent to evade tax, or if no return is filed, then there is no limit.
So make your own decision.
2007-09-23 21:05:00 · answer #1 · answered by MukatA 6 · 0⤊ 0⤋
Keep them for two years after the last tax return (for the taxpayer or the estate) was filed. Three years would be better.
2007-09-23 17:13:06 · answer #2 · answered by ninasgramma 7 · 0⤊ 0⤋
You have to keep them until the estate is settled and then the last tax return is done
2007-09-23 17:15:48 · answer #3 · answered by Anonymous · 0⤊ 0⤋
As soon as probate closes / the estate settles ,
You can toss all the old papers .
Sorry for your loss .
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2007-09-23 17:16:20 · answer #4 · answered by kate 7 · 0⤊ 0⤋
Try this web site http://www.urbanext.uiuc.edu/ww1/02-06.html it may be of some use to you and answer some questions.
2007-09-23 17:21:35 · answer #5 · answered by Bats 2 · 0⤊ 0⤋