Back to top

Blog

Click here to go back

 

Oct 12 2015
Record Retention Requirements

Posted in general

Dear Client,

In response to many requests of what tax records should be kept and how long, we have prepared the following list for your reference based on Federal Laws.

Income tax returns and supporting documents - Keep at least 4 years and preferable 7 if space is not critical. Once this period has elapsed, the documents can be discarded, but the returns themselves, which do not take much space,

should be retained indefinitely.

Residential property records - All escrow statements (purchase and sale) plus receipts for improvements should be kept for at least 4 years after the property is sold (including refinance papers).

Purchase receipts for stock, bonds, mutual funds - These should also be kept for at least 4 years after the asset is sold: This would include record of dividends, splits and reinvested dividends. "

Depreciation records For any rental real estate or depreciable business property you own, keep records of the property’s cost, date acquired, and schedule of depreciation claimed in previous years. This record should be kept

until 4 years after the property is disposed of.

Retirement plan contributions — Records of non—deductible lRA deposits, employer plan stock purchased, rollovers, and Keogh plan deposits should be kept until 4 years after the plan assets have been withdrawn.

 

 Personal records - Important papers such as estate and gift returns, divorce and property settlement, deeds, title insurance policies, and all trust documents should be kept in a permanent file, or perhaps safe deposit box.

Miscellaneous papers - All other documents to include bank statements, canceled checks, credit card statements, deposits slips, charitable contribution receipts, and medical bills can be discarded after 7 years.

Last Updated by Admin on 2015-10-12 09:58:48 PM

 

 

Add New Comment

 

News

NTA Blog: Overall the Filing Season at Taxpayer Assistance Centers Ran Smoothly, But Room for Improvement Remains

Subscribe to the NTA’s Blog and receive updates on the latest blog posts from National Taxpayer Advocate Nina E. Olson. Additional blogs from the National Taxpayer Advocate can be found at w...

NTA Blog: “Real” vs. “Unreal” Audits and Why This Distinction Matters

Subscribe to the NTA’s Blog and receive updates on the latest blog posts from National Taxpayer Advocate Nina E. Olson. Additional blogs from the National Taxpayer Advocate can be found at w...

Success Story: TAS Advocates for Penalty Abatement

Every year, the Taxpayer Advocate Service (TAS) helps thousands of people with tax problems. This story is only one of many examples of how TAS helps resolve taxpayer’s tax issues. All person...

NTA Blog: A Few Thoughts About The National Taxpayer Advocate’s Fiscal Year 2019 Objectives Report

Subscribe to the NTA’s Blog and receive updates on the latest blog posts from National Taxpayer Advocate Nina E. Olson. Additional blogs from the National Taxpayer Advocate can be found at w...

National Taxpayer Advocate releases Fiscal Year 2019 Objectives Report to Congress

The National Taxpayer Advocate released her Fiscal Year 2019 Objectives Report to Congress today. In it, she reviews the 2018 filing season, addresses challenges facing the IRS, and identifies TAS&...

Tax Changes

...

NTA Blog: Participants in the Sharing Economy Lack Adequate Guidance From the IRS

Subscribe to the NTA’s Blog and receive updates on the latest blog posts from National Taxpayer Advocate Nina E. Olson. Additional blogs from the National Taxpayer Advocate can be found at w...

NTA Blog: The IRS’s Continued Refusal to Exclude Already Open TAS Cases From the Passport Certification Program Violates Taxpayer Rights

Subscribe to the NTA’s Blog and receive updates on the latest blog posts from National Taxpayer Advocate Nina E. Olson. Additional blogs from the National Taxpayer Advocate can be found at w...

NTA Blog: One Year Later, The IRS Has Not Adjusted Its Private Debt Collection Initiative To Minimize Harm To Vulnerable Taxpayers

Subscribe to the NTA’s Blog and receive updates on the latest blog posts from National Taxpayer Advocate Nina E. Olson. Additional blogs from the National Taxpayer Advocate can be found at w...

IRS Announces Webinar on the 2019 Low Income Taxpayer Clinic (LITC) Grant Application Process

The IRS announced today that the Low Income Taxpayer Clinic Program Office will host two webinars on Tuesday, June 5, 2018, and Tuesday, June 12, 2018. The webinars are to provide potential applica...