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Thread: How long do you keep tax records, etc?

  1. #1

    How long do you keep tax records, etc?

    I've been going thru a lot of old paperwork and wondered how long do you all keep your tax records, bank statements, receipts or any other types of paperwork. At what point do you toss or shred them?

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    Senior Member Romans828's Avatar
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    As you know, I worked in an accounting firm for the last 15 years, and the IRS requires that tax records be kept for 7 years...

    So, you can toss/shred anything that is older than 2010.

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    krystian (04-07-2017)

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    Resident Chocolate Monster Lista's Avatar
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    I was just about to say, that I think the requirement is 7 years, BUT isn't there some codicil that states if the IRS finds a discrepancy they can go back another 5?

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    krystian (04-07-2017)

  6. #4
    Quote Originally Posted by Romans828 View Post
    As you know, I worked in an accounting firm for the last 15 years, and the IRS requires that tax records be kept for 7 years...

    So, you can toss/shred anything that is older than 2010.
    Quote Originally Posted by Lista View Post
    I was just about to say, that I think the requirement is 7 years, BUT isn't there some codicil that states if the IRS finds a discrepancy they can go back another 5?
    Thanks guys, that's what I was thinking but I wasn't sure so I wound up googling shortly after I started this thread last night and while most sites including the IRS say 5 years I also ran across this article. Romans, do you think this is plausible?

    Never throw away your tax returns

    http://www.marketwatch.com/story/nev...rns-2013-04-20

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    Senior Member Romans828's Avatar
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    Ehhhh, unless you can think of any instances where you might need some "proof documentation" from beyond 7 years, I wouldn't worry about it.

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    Lista (04-08-2017)

  9. #6
    Quote Originally Posted by krystian View Post
    I've been going thru a lot of old paperwork and wondered how long do you all keep your tax records, bank statements, receipts or any other types of paperwork. At what point do you toss or shred them?
    I usually keep bank statements, credit card statements, and utility bills for about a year.

    For tax returns, I keep the forms and supporting documentation for about 5 years. Given the previous responses, I guess I'll be expanding that to 7. I keep the forms themselves for longer than that.

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    Quest (04-13-2017)

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