How many years are you supposed to hold-on to your tax records/receipts before you can toss'em? I've now heard 3, 5 and 10 years!?!
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3 years
Last edited by azguy; 03-14-2005, 09:28 PM. -
thanks azguyComment
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Be sure to make a final check with a tax advisor, but I'm sure it's 3 yearsOriginally posted by Verbal
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GFY is always a great substiture for legal and taxidual advice!
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Here your question is answered faster than what you'd have to wait on the IRS public lineOriginally posted by Steen2GFY is always a great substiture for legal and taxidual advice!
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disclaimer notedOriginally posted by azguyBe sure to make a final check with a tax advisor, but I'm sure it's 3 years
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Originally posted by azguyHere your question is answered faster than what you'd have to wait on the IRS public line
Unless their general call center is outsourced or run by monkies, I hope you're not serious.
Actually, even if it's in India they should have current and correct data.ICQ: 2262.73945Comment
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More detailed information on record keeping:Originally posted by Verbaldisclaimer noted
http://www.irs.gov/businesses/small/...=98513,00.html
http://www.funwithtaxes.com/Past_Articles/08_06_01.htm
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It's sad how much info I get from this boardOriginally posted by Steen2GFY is always a great substiture for legal and taxidual advice!
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I call them quite often (they're nice), and there were times when I waited for over 15 minutes... In other times, they picked up in less than a minute, so..Originally posted by Steen2
Unless their general call center is outsourced or run by monkies, I hope you're not serious.
Actually, even if it's in India they should have current and correct data.
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I keep mine around for longer then 3 years. never knowComment
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Thumbs up to an *official* resourceOriginally posted by azguyMore detailed information on record keeping:
http://www.irs.gov/businesses/small/...=98513,00.html
http://www.funwithtaxes.com/Past_Articles/08_06_01.htm
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Too bad I can't keep a corporation running for longer than 20 monthsOriginally posted by Sosa
jk, of course.ICQ: 2262.73945Comment
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Originally posted by Steen2GFY 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.
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Last I heard it was 7 yearsSIG TOO BIG! Maximum 120x60 button and no more than 3 text lines of DEFAULT SIZE and COLOR. Unless your sig is for a GFY top banner sponsor, you may use a 624x80 instead of a 120x60. Let me repeat... A 120 x 60 button and no more that 3 lines of DEFAULT SIZE AND COLOR text.Comment
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Which is why I also provided IRS instructions that mention exceptions he should know about.Originally posted by paxton
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.
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