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billnicky1
Level 2
February 5, 2022
Solved

How long to keep tax records?

  • February 5, 2022
  • 3 replies
  • 26 views
How long should tax records and returns be kept for?
Best answer by Critter-3

 

Depends ... I tell my clients who file just personal returns 5 years is good ... longer if you have a business or rental or employees ... 

 

https://www.irs.gov/businesses/small-businesses-self-employed/how-long-should-i-keep-records#:~:text=Keep%20records%20for%203%20years%20from%20the%20date%20you%20filed,securities%20or%20bad%20debt%20deduction.

3 replies

Critter-3
Critter-3Answer
Level 15
February 5, 2022

 

Depends ... I tell my clients who file just personal returns 5 years is good ... longer if you have a business or rental or employees ... 

 

https://www.irs.gov/businesses/small-businesses-self-employed/how-long-should-i-keep-records#:~:text=Keep%20records%20for%203%20years%20from%20the%20date%20you%20filed,securities%20or%20bad%20debt%20deduction.

    B
    billnicky1Author
    Level 2
    February 5, 2022

    Thank you for your timely response. That's the information I was looking for.

    Mike9241
    Level 15
    Mike9241Level 15
    Level 15
    February 5, 2022

    documents you should keep longer

     

     

    closing statement for home or property,

    bills for major improvements to property

    security confirmations (purchase side) until sold.  (taxpayers sometimes change brokers and they new  broker will need the cost for to property report if sold.

     

    here's a thread on record retention by the Illinois CPA Society.

    chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/viewer.html?pdfurl=https%3A%2F%2Fwww.icpas.org%2Fdocs%2Fdefault-source%2Ftax-practice-procedures-files%2Frecords-retention-guidelines1a841fdf38106fba827cff0000493078.pdf%3Fsfvrsn%3Ddd94701d_0&clen=68784 

     

    Mike9241
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