How Long Should You Keep Your Tax Records?
3 YEARS (see NOTE below)
Copy of tax returns
RECORDS THAT SUPPORT YOUR TAX RETURN – 6 YEARS
1098 (interest payments on mortgages, bank loans, credit cards)
1099 (miscellaneous income)
1099 B (proceeds from sales of securities)
1099 R (pension)
K-1’s (partnership/subchapter-S share of distribution)
W-2/W-2P (wages, tax withholding)
W-4 (withholding allowances)
Business use of home
Business income & expense records
Business use of auto (travel journal, mileage, losses, loans, property tax)
Education expenses
Excise taxes
IRS correspondence
Medical & dental expenses
Receipts for charitable contributions
Receipts for union due payments
Receipts for miscellaneous deductions
Records of expenses used to figure tax credits (child care, dependent care)
Receipts for travel, meals, entertainment, gift expenses
Records in connection with any & all property
Records of capital gains & losses
Self-employment taxes
Settlement sheets
Stock records
Taxes (personal property taxes, real estate, state)
4 YEARS AFTER TAX IS PAID (for business owners)
Business checkbook
Check disbursement journal
Daily/monthly summary of cash receipts
Depreciation record
Employee compensation record
NOTE: Generally, the statute of limitations for income tax returns is three years running from the later of the return’s date or date filed. Despite the statute of limitations of three years, we advise you to keep a copy of your income tax for a minimum of six years.
Copyright © 1995 Friedman & Fuller, P.C.