How long do I have to keep my tax records?

me ^ | 7-24-07

[LouAvul]

That's the question. I've heard three years. But I've always feared they'd demand my records for four years ago.

Kind of like that tag on my mattress that says, "Do not remove under penalty of law." That thing's been on there so long it's all ragged and faded. Can't read it but I never removed it.

;)

[bruinbirdman]

"(It doesn't seem to state here who gets to declare it's a “False return” or a “Willful attempt”, but I think we all know the answer to that question. ;-)"

I am no expert but am an H&R Block trained and certified tax preparer.

Years ago my brother asked me what the statute of limitation was on IRS audits. "Generally speaking, seven years."

Unsolicited, but I knew this was the answer he needed, "There is no statute of limitations on tax fraud." Fraud is anything deliberately false on a return.

Anyone might not keep their records after 7 years. Uncle Sam never throws his away.

yitbos