Home > Tax News & Info > Managing Individual Tax Records

Managing Individual Tax Records

I often get the question asking how long a person should keep receipts and other supporting documents related to their tax returns. The general rule is that documents that support the amounts on your tax return should be kept for a minimum of three years after the date you file your tax return. The IRS typically has only 3 years from the date you file your return to audit a tax return but can go back longer in certain situations.

There are records that should be kept longer or indefinitely. The types of records that should be kept longer include settlement statements from purchases of property, stock transactions, IRA, business and rental property transactions. IRS Pub. 552 (Recordkeeping for Individuals)  contains additional information on what kinds of records to keep.

Comments ( 0 )
  1. No comments yet.
Comments are currently closed.
Trackbacks & Pingbacks ( 0 )
  1. No trackbacks yet.
  2. Trackbacks are currently closed.