Tax forms

Discussion in 'Life After Brown' started by over9five, Feb 10, 2008.

  1. over9five

    over9five Moderator Staff Member

    How long do y'all keep copies of your tax returns?
    Is there a rule? ("Keep them x amount of years!")
    I looked on the IRS website, and can't find an answer.
  2. OldUPSDriver

    OldUPSDriver New Member

    I always keep them 7 years as an individual but I have heard that if you have a business it would be 10 years. JMO
  3. moreluck

    moreluck golden ticket member

    We just shredded everything older than 7 years. However, if you are audited for a return 7 years ago, the IRS can start there and go back even more.

    7 is the suggested # of years to keep.
  4. over9five

    over9five Moderator Staff Member

    Do you guys keep just the return, or EVERYTHING?

    I keep everything (pay stubs, bank statements, mortgage statements etc), but it starts to take up a lot of space. I keep 10 years worth now, but I think I'll shred back to 7 like you.

    Guess you know what I've been doing today...
  5. OldUPSDriver

    OldUPSDriver New Member

    Just the return unless you have an unusual deduction. The IRS has all the other information from your employer, banks, etc.