IRS Document Retention Guidelines
The Internal Revenue Service (IRS) provides recommended guidelines for retaining your tax records. However, if you have the storage capabilities, you should retain your records for as long as you can. The records can provide documented evidence for any disputes that arise.
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Most Returns
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In most cases, you should retain your tax records for three years. If you failed to report income that exceeds 25 percent of your gross income you indicated on your returns, then you should keep your records for six years. If you filed a claim or received a refund, either retain the records for three years from the original date you filed or two years after the date you submitted the tax, whichever came last.
Tax Payer Misconduct
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You should retain your records indefinitely if you failed to file a return or if it was fraudulent.
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Miscellaneous Situations
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Retain any records for seven years in which you claimed a loss from either bad debt or worthless securities.
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References
- Photo Credit A young woman holding a pen, doing her taxes image by Christopher Meder from Fotolia.com
