Tax Question ??? - GoFuckYourself.com

Verbal · 03-14-2005, 11:21 PM

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!?!

azguy · 03-14-2005, 11:25 PM

3 years

Verbal · 03-14-2005, 11:35 PM

thanks azguy

azguy · 03-14-2005, 11:37 PM

Quote:

Originally Posted by Verbal

thanks azguy

Be sure to make a final check with a tax advisor, but I'm sure it's 3 years

Steen2 · 03-14-2005, 11:39 PM

GFY is always a great substiture for legal and taxidual advice!

azguy · 03-14-2005, 11:41 PM

Quote:

Originally Posted by Steen2

GFY is always a great substiture for legal and taxidual advice!

Here your question is answered faster than what you'd have to wait on the IRS public line

Verbal · 03-14-2005, 11:43 PM

Quote:

Originally Posted by azguy

Be sure to make a final check with a tax advisor, but I'm sure it's 3 years

disclaimer noted

Steen2 · 03-14-2005, 11:44 PM

Quote:

Originally Posted by azguy

Here 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.

azguy · 03-14-2005, 11:45 PM

Quote:

Originally Posted by Verbal

disclaimer noted

More detailed information on record keeping:

http://www.irs.gov/businesses/small/...=98513,00.html

http://www.funwithtaxes.com/Past_Articles/08_06_01.htm

Verbal · 03-14-2005, 11:46 PM

Quote:

Originally Posted by Steen2

GFY is always a great substiture for legal and taxidual advice!

It's sad how much info I get from this board

azguy · 03-14-2005, 11:46 PM

Quote:

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.

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..

Sosa · 03-14-2005, 11:47 PM

I keep mine around for longer then 3 years. never know

Steen2 · 03-14-2005, 11:47 PM

Quote:

Originally Posted by azguy

More detailed information on record keeping:

http://www.irs.gov/businesses/small/...=98513,00.html

http://www.funwithtaxes.com/Past_Articles/08_06_01.htm

Thumbs up to an *official* resource

Steen2 · 03-14-2005, 11:48 PM

Quote:

Originally Posted by Sosa

I keep mine around for longer then 3 years. never know

Too bad I can't keep a corporation running for longer than 20 months

jk, of course.

paxton · 03-14-2005, 11:50 PM

Quote:

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.

FreshChecks · 03-14-2005, 11:51 PM

Last I heard it was 7 years

azguy · 03-14-2005, 11:52 PM

Quote:

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.

Which is why I also provided IRS instructions that mention exceptions he should know about.

03-14-2005, 11:21 PM	#1
Verbal Confirmed User Join Date: Dec 2001 Location: Tampa, FL Posts: 3,420	Tax Question ??? 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!?!

03-14-2005, 11:25 PM	#2
azguy Confirmed User Join Date: Nov 2004 Location: Scottsdale, AZ Posts: 5,167	3 years Last edited by azguy; 03-14-2005 at 11:28 PM..

03-14-2005, 11:39 PM	#5
Steen2 Confirmed User Join Date: Feb 2004 Location: Vancouver, Canada Posts: 7,662	GFY is always a great substiture for legal and taxidual advice! __________________ ICQ: 2262.73945

03-14-2005, 11:51 PM	#16
FreshChecks Confirmed User Join Date: Dec 2004 Posts: 210	Last I heard it was 7 years __________________ SIG 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.

03-14-2005, 11:35 PM	#3
Verbal Confirmed User Join Date: Dec 2001 Location: Tampa, FL Posts: 3,420	thanks azguy

03-14-2005, 11:47 PM	#12
Sosa In Tushy Land Join Date: Oct 2002 Location: Nebraska Posts: 40,149	I keep mine around for longer then 3 years. never know