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plan stock purchased, rollovers, and Keogh plan deposits should be kept until 4 years after the plan assets have been withdrawn.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

 

 

 

News

NTA Blog: When to Use a Durable Power of Attorney to Authorize Representation Before the IRS

October 5, 2022 – As the U.S. population ages, taxpayers and their representatives are increasingly confronted with the question of […] The post NTA Blog: When to Use a Durable Power of Attorney to...

NTA Blog: How to Identify the IRS’s Broad Penalty Relief Initiative and Other Helpful Tips for Understanding Tax Account Transcripts: Part Two

September 29, 2022 – Part Two continues with more helpful tips I hope you will find useful when trying to […] The post NTA Blog: How to Identify the IRS’s Broad Penalty Relief Initiative and Other ...

NTA Blog: How to Identify the IRS’s Broad Penalty Relief Initiative and Other Helpful Tips for Understanding Tax Account Transcripts: Part One

September 27, 2022 – I recently blogged about the IRS’s broad relief for late filing penalties for 2019 and 2020 […] The post NTA Blog: How to Identify the IRS’s Broad Penalty Relief Initiative and...

NTA Blog: The NTA Reimagines the IRS with a Dramatically Improved Taxpayer Experience: Part Two

September 15, 2022 – Last month, Congress passed the Inflation Reduction Act (IRA22), which provides the IRS with supplemental funding […] The post NTA Blog: The NTA Reimagines the IRS with a Drama...

TAS Tax Tip: Get Current on Your Federal Taxes

September 14, 2022 – Part of your Mid-Year Tax Checkup should include seeing whether you have any overdue tax returns […] The post TAS Tax Tip: Get Current on Your Federal Taxes appeared first on T...

NTA Blog: The NTA Reimagines the IRS with a Dramatically Improved Taxpayer Experience: Part One

September 14, 2022 – Last month, Congress passed the Inflation Reduction Act (IRA22), which provides the IRS with supplemental funding […] The post NTA Blog: The NTA Reimagines the IRS with a Drama...

TAS Tax Tip: What the Inflation Reduction Act Means for You

September 12, 2022 – The Inflation Reduction Act, which includes expanded or extended tax credits and additional funding for the […] The post TAS Tax Tip: What the Inflation Reduction Act Means for...

NTA Blog: Improving Services to Taxpayers With Visual Disabilities

September 08, 2022 -Millions of U.S. taxpayers are visually impaired and unable to read print material in a standard font […] The post NTA Blog: Improving Services to Taxpayers With Visual Disabili...

TAS Tax Tip: Valuable information about child and dependent-related tax benefits

If you have children or other dependents, and qualify to claim them on your tax return, there are a few […] The post TAS Tax Tip: Valuable information about child and dependent-related tax benefits...

Systemic penalty relief is now available for certain tax year 2019 and 2020 returns

On August 24, 2022, the IRS announced that it will grant relief for failure-to-file (FTF) penalties on the following 2019 […] The post Systemic penalty relief is now available for certain tax year ...