Community Chat

[Sooner]

@drizzellla Now that's a story!!!  WOW!  

[drizzellla]

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@Sooner wrote:

@drizzellla Now that's a story!!!  WOW!  

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My poor Dad. He had to take many many days off of work to meet with the Lawyers and the Bank over the years. Then he spent nights writing letters and making phone calls. The orginal will was supposed to be divided between his Uncle's brothers and sisters and their families. There were 16 brothers and sisters. So my Dad was the one who tried to be looking after their best interests. 

[gertrudecloset]

I used to keep seven years.  However, here is the guidance from the IRS about Federal Tax Returns.  State tax returns (if you're required to file one) may differ.

Period of Limitations that apply to income tax returns

1. Keep records for 3 years if situations (4), (5), and (6) below do not apply to you.
2. Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return.
3. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.
4. Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return.
5. Keep records indefinitely if you do not file a return.
6. Keep records indefinitely if you file a fraudulent return.
7. Keep employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.

The following questions should be applied to each record as you decide whether to keep a document or throw it away.

https://www.irs.gov/businesses/small-businesses-self-employed/how-long-should-i-keep-records

[ladyann45]

I hope you have a hard copy somewhere because the rule with the IRS is 7 years.

[Puppy Lips]

@gidgetgh I am with your husband.  I have them all, every single year.  I used to work a job where I had to review tax returns, credit reports, etc.  That grilled it into my head to keep everything, although I would have anyway, as that seems to be in my DNA.

[bonnielu]

I have mine since 1966 when we were married.