You’d think this would be a simple question with a simple answer but the truth is there are different time periods for different types of conditions. Let me outline just a couple items.

1) If you owe additional tax and you’ve followed the law then it would be 3 years.
2) If you reported income has a discrepancy of more than 25% than 6 years.
3) If you File a claim for a loss from worthless securities then it is 7 years.
4) It looks like if you filed a fraudulent return then there is no limit to the time you’d need the documents to defend yourself.

The point is it varies considerably. I’d keep them as long as possible, just in case.
Here is the link for the IRS’s explanation. Scroll down about 3/4 of the way down. and look for “How Long To Keep Records”.

http://www.irs.gov/publications/p552/ar02.html

Take care Sue, Thanks for visiting IRSQuestions.org

Helpful or Not:c 0  0

How long do you have to keep tax records

Well-loved. Helpful or Not: 4  0