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Investopedia does not include all offers available in the marketplace. Related Articles. Additionally, if you amortize, depreciate, or buy or sell property, you should keep property records until the statute of limitations expires for the year in which you dispose of the property.
Before getting too excited and throwing your old returns away, check to make sure you do not need to keep it for other purposes. For instance, certain creditors and even some insurance companies may require you to keep records longer than the IRS does. If you do decide to get rid of tax documents, make sure to shred them. Tax returns contain sensitive information that identity thieves love.
The best way to store hard copies of tax documents is in a fire-proof safe. Along with your tax records you can keep other important documents like the deed to your house, mortgage and insurance information, your will or trust documents, and passwords to bank and brokerage accounts.
This way, if an emergency arises, that individual will know how to access any documents they may need to keep your affairs in order. The IRS accepts digital copies of documents as long as they are legible.
This method takes up far less space and is easier to organize than a stack of papers. At the beginning of this post you were wondering how long you should keep tax returns — and hopefully you found the answer. Search for more tax help now.
Find out if you can claim the standard deduction if your spouse itemizes their deduction but you are filing separately with help from the tax experts. However, you must use a method that clearly and accurately reflects your gross income and expenses. The records should substantiate both your income and expenses.
If you have employees , you must keep all your employment tax records for at least 4 years after the tax becomes due or is paid, whichever is later.
More In Help. Period of limitations for assessment of tax: 3 years - For assessment of tax you owe, this period is generally 3 years from the date you filed the return. Period of limitations for refund claims: The later of 3 years or 2 years after tax was paid - For filing a claim for credit or refund, the period to make the claim generally is 3 years from the date you filed the original return or the due date for filing the return if you filed the return before that date or 2 years from the date the tax was paid, whichever is later.
Property Records Keep records relating to property until the period of limitations expires for the year in which you dispose of the property in a taxable disposition.
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