Let’s clear up a couple of things:
The IRS can go back 3 years, however, IF they think or can prove fraud——they can go back to the day you were born.
The RECOMMENDATION is that you always keep at least 7 years of your tax records. Personal or business.
It used to be that IF you had bought a home, etc, you were advised to keep all those home ownership records forever. It used to be that if I bought a home for $30,000 and sold it for $150,000, I had to buy a new home for at least $150,001 or I had to do all the calculating for capital gains.
In the time frame when term limits came into play, members of Congress who had been there for years & years found out what kind of capital gains they would have to pay & they panicked. The rules involving home ownership—selling—buying another home changed.
I bought my first house in May 1966. I inherited a house in 1980. I bought my third house in 1989. I have since sold all of those properties & own my 4th house which I bought in 2005 & am living in it. While the tax rules were changed, I still have the records from ALL of those houses. Who knows when Congress will change things again-—or again-—or again??? Not having the records can burn you with the IRS.
I would advise Trump to NOT give up any data that is NOT required. DO NOT get pushed into anything regarding your taxes. A person who has such a quantity of returns that Trump has would be releasing far too much confidential data. Employee records-—Sub contractors records-—Vendor information-—banking records. In a day & age of identity theft, that could be a tsunami of data.
How many people here on FR would gladly open up THEIR tax returns to the scrutiny of their enemies????
Personally, I am more worried about health records for a President-—Bill Clinton—Obama didn’t turn such in, and I would bet that Shrillary won’t either.
Oh, I agree .... and those who are demanding Trump release all his records are probably the least likely ever to part with, much less make public, their own. I have records going back to the year of the flood. Aim to get rid of some eventually but fear the minute I do, there will arise a need for what I just disposed of!
Both spouse and I are self-employed. Doing taxes is a tedious nightmare, just gathering the info an docs. I get fussy, trying to make sure I’ve got everything down to the penny, for my own good, and especially lest we face an audit. I can’t begin to imagine doing the Trump return ... even with a small army of lawyers and accountants.
I remain appalled at Mitt Romney. What a lowlife!