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[Jager]

Just-Out of interest, how far back can the Government proceed when performing an exam? Do I have to keep all my tax documents for the remainder of my complete life? Or even, how long do I absolutely want to sustain my tax documents?

[Christof]

A comprehensive guide to the irs and its crazy guidelines This website will answer all your queries. Sources: www.irs.gov newbie836779 84 months ago Please sign in to give a compliment. Please verify your account to give a compliment. Please sign in to send a message. Please verify your account to send a message.

[Aiekin]

[Jenyd]

and if you do something they consider to be a crime, they can go back for many years.  If not three years is good, except for the sale of property or events that you may want to keep just about forever.    Check out this site:   Tax Returns and Backup Documentation: Whether personal or business, the general rule is seven years. This may seem like a long time to hold onto these papers, but think of it as an annual cleaning out as new returns are filed. One in ? one out and the old adage of ?better safe than sorry? will apply. The IRS has 3 years to audit you from the date you file your taxes; however, there are exceptions -- these include: False Return - Tax may be assessed at any time, without limitation. Willful attempt to avoid tax - Tax may be assessed at any time, without limitation. No return - Tax may be assessed at any time, without limitation. Extension by Agreement - Assessment period defined by agreement between IRS and taxpayer. Tax resulting from changes in certain income or estate tax credits - No timeframe defined. Tax resulting form distributions or terminations from a life insurance company - 3 years Termination of private foundation status - Tax may be assessed at any time, without limitation. Substantial omission of items(generally defined as over/under reporting of income by 25% - 6 years. These Limitations of Assessment and Collection are defined in federal law. Please see 26 USC 6501.

[Delwyn]

Three years is the minimum period of time to hold records after you file a tax return. Six years is even better because, in certain cases, the IRS has that long to audit you.

[Ayize]

I've heard, 7 years I keep full file records for 7 years, with all the receipts, any proof I might need.  This year, 1998 file will be cleaned out and shreded, just keeping the copy of the return on file. HELENofTROY 84 months ago Please sign in to give a compliment. Please verify your account to give a compliment. Please sign in to send a message. Please verify your account to send a message.

[Benon]

boardgirl148 said: 1 Gary4books, regarding your answer "You have to be careful about this, because there are different time ranges that matter":Thanks for the great info. Until I bought my house in 2004 I had really, really, really easy taxes to do. Ever since then, it seems like I have something new pop up on my taxes every year, and though I feel confident that I am doing them correctly through the online software, sometimes I'm not sure if I understand everything. I probably worry too much, I guess. Thanks again! 84 months ago

[Benito]

You have to be careful about this, because there are different time ranges that matter and if you do something they consider to be a crime, they can go back for many years.  If not three years is good, except for the sale of property or events that you may want to keep just about forever.    Check out this site:   Tax Returns and Backup Documentation: Whether personal or business, the general rule is seven years. This may seem like a long time to hold onto these papers, but think of it as an annual cleaning out as new returns are filed. One in ? one out and the old adage of ?better safe than sorry? will apply. The IRS has 3 years to audit you from the date you file your taxes; however, there are exceptions -- these include: False Return - Tax may be assessed at any time, without limitation. Willful attempt to avoid tax - Tax may be assessed at any time, without limitation. No return - Tax may be assessed at any time, without limitation. Extension by Agreement - Assessment period defined by agreement between IRS and taxpayer. Tax resulting from changes in certain income or estate tax credits - No timeframe defined. Tax resulting form distributions or terminations from a life insurance company - 3 years Termination of private foundation status - Tax may be assessed at any time, without limitation. Substantial omission of items(generally defined as over/under reporting of income by 25% - 6 years. These Limitations of Assessment and Collection are defined in federal law. Please see 26 USC 6501. Sources: http://www.lifeorganizers.com/office/records-retention.htm?source=googlewords&s_kwcid=records%20retention|521858355 Gary4books 84 months ago Please sign in to give a compliment. Please verify your account to give a compliment. Please sign in to send a message. Please verify your account to send a message.