How Long Should You Keep Federal Tax Return Records?

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Period of Limitations
- The Internal Revenue Service (IRS) defines the "period of limitations" as "the period of time in which you can amend your tax return to claim a credit or refund, or that the IRS can assess additional tax."
There may not be any limitations
- Different time periods to keep tax records apply to different types of records and can span anywhere from three years to indefinitely. If you file a fraudulent return or do not file a return at all, you should keep them indefinitely.
Bottom Line
- The rule of thumb, if you are not absolutely certain, is to keep copies of your returns and records for at least seven years, just to be on the safe(r) side.

Photo Credit tax forms image by Chad McDermott from Fotolia.com

Comments

Wayne Jul 27, 2011
I think keeping your tax returns for ever is the right thing to do because you don't know what is coming up next. look at the white house and the replicians in washington.

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Period of Limitations

There may not be any limitations

Bottom Line

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