Randomguy Posted February 22, 2019 Share #1 Posted February 22, 2019 ? I found some old ones from the late 90's and early 2000's that I will shred, how long are you supposed to keep this stuff? Link to comment Share on other sites More sharing options...
Kzoo Posted February 22, 2019 Share #2 Posted February 22, 2019 I think the IRS can go back on you for an initial audit up to 3 years and then if they find 'irregularities' they can go back 7 years. Link to comment Share on other sites More sharing options...
Longjohn ★ Posted February 22, 2019 Share #3 Posted February 22, 2019 I don’t keep anything, TurboTax keeps it. I burned fifty years of tax returns from my FIL. You don’t need to keep that crap that long. 1 Link to comment Share on other sites More sharing options...
Wilbur ★ Posted February 22, 2019 Share #4 Posted February 22, 2019 I don't, my accountant does. 7 years. 1 Link to comment Share on other sites More sharing options...
Road Runner Posted February 22, 2019 Share #5 Posted February 22, 2019 I keep them for ten years. Link to comment Share on other sites More sharing options...
Kzoo Posted February 22, 2019 Share #6 Posted February 22, 2019 6 minutes ago, Wilbur said: I don't, my accountant does. 7 years. Are those metric years? Link to comment Share on other sites More sharing options...
Guest Posted February 22, 2019 Share #7 Posted February 22, 2019 Who does taxes?? 1 Link to comment Share on other sites More sharing options...
petitepedal ★ Posted February 22, 2019 Share #8 Posted February 22, 2019 7 years 1 Link to comment Share on other sites More sharing options...
bikeman564™ Posted February 22, 2019 Share #9 Posted February 22, 2019 I have documents back to the late 90's. On a shelf up in a closet so out of sight out of mind. But I need to get rid of them. Link to comment Share on other sites More sharing options...
BR46 Posted February 22, 2019 Share #10 Posted February 22, 2019 I don't know. Wo46 handles all that stuff. I'm not allowed to have any money or a check book. She afraid that I would spend it all on motorcycles and bicycles. 1 Link to comment Share on other sites More sharing options...
BR46 Posted February 22, 2019 Share #11 Posted February 22, 2019 Ok I would spend it all on motorcycles and bicycles. And maybe a beer or two. 1 1 Link to comment Share on other sites More sharing options...
Kirby Posted February 22, 2019 Share #12 Posted February 22, 2019 I'll let you know if I ever throw a tax return out. 1 1 Link to comment Share on other sites More sharing options...
maddmaxx ★ Posted February 22, 2019 Share #13 Posted February 22, 2019 I have tax documents from the last century. Link to comment Share on other sites More sharing options...
Wilbur ★ Posted February 22, 2019 Share #14 Posted February 22, 2019 1 hour ago, BR46 said: I don't know. Wo46 handles all that stuff. I'm not allowed to have any money or a check book. She afraid that I would spend it all on motorcycles and bicycles. ..and she cuts the grass. You are a kept man, BR! NTTIAWWT. 1 1 Link to comment Share on other sites More sharing options...
SuzieQ Posted February 22, 2019 Share #15 Posted February 22, 2019 7 years! Does that mean you have to keep seven years of receipts etc?? Or just seven years of quick books reports? Link to comment Share on other sites More sharing options...
Ralphie ★ Posted February 22, 2019 Share #16 Posted February 22, 2019 11 minutes ago, SuzieQ said: 7 years! Does that mean you have to keep seven years of receipts etc?? Or just seven years of quick books reports? Busynesses might have different rules. Link to comment Share on other sites More sharing options...
SuzieQ Posted February 22, 2019 Share #17 Posted February 22, 2019 2 minutes ago, RalphWaldoMooseworth said: Busynesses might have different rules. I have papers Link to comment Share on other sites More sharing options...
Dirtyhip Posted February 22, 2019 Share #18 Posted February 22, 2019 I keep 7 years worth. IRS says 4-5, with some exceptions. My tax lady also has sets for at least a decade. I am not concerned about it or audit. I am small potatoes. It would cost them too much to audit a lower income family like us. Besides Trump slashed the budget for IRA auditers. Very low odds. I'll probably keep all these records for nothing. Link to comment Share on other sites More sharing options...
Ralphie ★ Posted February 22, 2019 Share #19 Posted February 22, 2019 1 hour ago, Kirby said: I'll let you know if I ever throw a tax return out. I can’t decide if this or parr8s SRV blues comment should win the internet for the day. Tough choice! Both very worthy 1 Link to comment Share on other sites More sharing options...
Prophet Zacharia Posted February 23, 2019 Share #20 Posted February 23, 2019 7 years is my belief as to the required documentation. Link to comment Share on other sites More sharing options...
Dirtyhip Posted February 23, 2019 Share #21 Posted February 23, 2019 I have 4 years ready to be shredded. Now @Kirbyis making me nervous. HAHA 1 1 Link to comment Share on other sites More sharing options...
shootingstar Posted February 23, 2019 Share #22 Posted February 23, 2019 7 years is the formal retention period for Canada Revenue Agency. It is ...law for personal income tax returns. I haven't looked up for corporate tax returns. Sure, I've been audited twice in the last 30+ years. It happened the following tax year. Link to comment Share on other sites More sharing options...
Kirby Posted February 23, 2019 Share #23 Posted February 23, 2019 55 minutes ago, Dirtyhip said: I have 4 years ready to be shredded. Now @Kirbyis making me nervous. HAHA I've kept them for far too long. The only thing I've ever used them for is once I needed to fill out an application listing each address I had for a number of years and I used that to get address info. In theory I could also double check my social security earnings record, but I've never actually done that. Link to comment Share on other sites More sharing options...
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