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How many years should I keep my tax records, 7 or 10 years?
I've been cleaning out my spare room and gotten rid of a lot of junk. I am shredding old papers, bills, etc. and want to know how long I should hold onto my federal/state tax returns. Thank you.
3 Answers
- LynneLv 69 years ago
Forever would be my answers.
You certainly want to keep them for 3 years from the due date of the return. This is the time period during which the IRS can question anything at all. So keep all your documentation during this time period.
However, there is no statute of limitations if there is fraud. And I have seen them come back to a person who made only $20,000 and it was 8 years later and ask for $9000 in tax enalies and interest. She had done nothing wrong and they actually owed her money.
Also, if you own a home or make IRA deductions, for instance, you can need these records decades later. The same is true for other capital assets.