A question we often receive is “how long should I keep my tax returns?” Or “how long should I keep my 1099’s?” To help answer these questions and all other questions related to the time-frame required for keeping your records, we have included a link to our record retention guide in this posting below.
Federal law requires you to maintain copies of your tax returns and supporting documents for three years. This is called the “three-year law” and leads many people to believe they’re safe provided they retain their documents for this period of time.
However, if the IRS believes you have significantly underreported your income (by 25 percent or more), or believes there may be indication of fraud; it may go back six years in an audit. In order to be safe; please check out our guideline.
Quick Retention Guidelines
Tax Returns and worksheets – Keep Forever
Supporting Documents for Tax Returns – Keep for Six Years
Deeds, Minutes Books, Appraisals, Property Records – Keep Forever
Access the Rohr & Associates Record Retention Guide