How long a record should be kept depends on what it supports. The periods below are general guidelines based on how long the IRS has to question a return. Lenders, insurers and state agencies may require you to keep some records longer. When in doubt, ask us before you throw anything away.
| Keep for | Records |
|---|---|
| 3 years | Most records supporting the income, deductions and credits on a tax return, counted from the date the return was filed or its due date, whichever is later. |
| 4 years | Employment tax records, counted from the date the tax was due or paid. |
| 6 years | Supporting records if income may have been underreported by more than 25 percent. |
| 7 years | Records for a claim involving worthless securities or a bad debt deduction. Many people keep bank statements, cancelled checks and receipts this long to be safe. |
| Until sold, plus 3 years | Records for property: purchase documents, improvements and depreciation for a home, rental, equipment or investments. |
| Permanently | Copies of filed tax returns, W-2s, year-end financial statements, corporate minutes and organizing documents, deeds, retirement and pension records, and audit reports. |
There is no time limit if a return was never filed or was fraudulent.
Vanessa L. Blevins, CPA & Company, LLC
107 N Hinde Street
Washington Court House, OH 43160
[email protected]
Phone: (740) 333-1318
Fax: (740) 333-3193
107 N Hinde Street
Washington Court House, OH 43160
[email protected]
Phone: (740) 333-1318
Fax: (740) 333-3193