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Originally Posted by Steen2
GFY is always a great substiture for legal and taxidual advice!  |
I laugh at most of the financial, investment and tax advice given on this board...
...but it seems this time we got the right answer. Azguy said three years, and that's the magic number. But people should also use common sense.
I think taxpayers should keep the copy of their tax return (1040s, schedules, w-2s, etc.) forever. Stock and investment paperwork as well as other financial receipts should be held as long as necessary. Many tax provisions allow for carryovers and the window where something is useful might be two or more years on either side of the "3-year IRS statute of limitations" - making it an effective 5 or 7 year period.
So don't just throw something out because it has been three years. If you think it will affect your future returns or tax situation, keep it.
