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!?!

3 years :)

thanks azguy

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

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 :thumbsup

disclaimer noted :thumbsup

:1orglaugh

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.

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

:thumbsup

It's sad how much info I get from this board :1orglaugh

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.. :)

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

Thumbs up to an *official* resource :thumbsup

Too bad I can't keep a corporation running for longer than 20 months :1orglaugh




jk, of course.

:1orglaugh

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.

:winkwink:

Last I heard it was 7 years

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