How long to keep tax records?

[billnicky]

How long should tax records and returns be kept for?

[Critter-3 · Accepted solution]

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....

[billnicky]

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

[Mike9241]

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%2...