Federal Laws specify how long you must retain the documentation to support the filing of income tax returns. For most taxpayers, this period is three years from the original due date of the return or the date the return is filed, whichever is later. For instance, if you filed your 2006 Form 1040 April 17, 2007 or sooner, the IRS has until April 17, 2010, to audit the return and assess a deficiency if necessary.
The statute of limitations period extends to six years if a return includes a substantial understatement of income (defined as omitting income greater than 25% of the amount reported on the return). There is no statute of limitations if a taxpayer fails to file a tax return or commits fraud. A taxpayer is considered to have committed fraud if he/she submits a false return or if there is a willful attempt to evade tax.
If a required return is not filed, the records must be kept forever, as the statute of limitations does not begin until the form is filed. Failure to keep adequate records is a separate violation from failing to pay or to file.
And of course anything in a return that may be required to prove a position in a future return, should be kept as support for that position. For example, basis calculations that effect an ongoing holding, amortization of mortgage points etc.
There may be non-tax reasons to retain these records. If you are unsure you should contact a financial advisor and/or tax specialist.
We must keep tax records for 10 years for a business
4 yrs
A person should keep personal tax records for about 7 Years in Australia.
8 years.. earlier it was 10 years
At least ten years.
We must keep tax records for 10 years for a business
4 yrs
A person should keep personal tax records for about 7 Years in Australia.
8 years.. earlier it was 10 years
At least ten years.
Various companies keep the records various times. For the most part (for tax purposes) it is best to keep all records for 5 to 7 years after the date.
You should keep records of your income tax to prove you did it correctly if questioned later.
Provided his estate went through probate properly in 2004 then you would not usually be expected to keep personal tax records much after that - however if the estate included a business then you may need to keep the records for that for 7 years.
usually about 6-7 years i was told by my late father
How long a person keeps tax records for a deceased person will vary depending on the circumstances. Use your best judgment. It is recommended that a live person keeps their records for 5 to 7 years.
IRS publication 552, covers Record Keeping for Individuals. (They have a separate one for Business). It covers record keeping (what and how long) for tax records and supporting docs. Pretty easy to understand. Minimum for tax-related is 3 years, but it could be as long as 7.
7 Years See Inland Revenue Website: