One of the most common questions tax-payers ask themselves is when to toss out tax records. The bare minimum should be three years but there are other factors to take into account when figuring out if you need to keep tax records longer. Here are some examples.
If you…
1) Owe additional tax and (2),(3),(4) and (5) do not apply to you, then the period to keep tax records is THREE years.
2) Do not report income that you should and it is more than 25% of the gross income shown on your return, then the period to keep tax records is SIX years.
3) File a fraudulent return, then there is no statute of limitation.
4) Do not file a return, then there is no statute of limitation.
5) File a claim for a loss from worthless securities, then the period to keep tax records is SEVEN years.
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