Hi & thanks for using our service. I'll do my best to give you a complete & accurate answer. Please ask me to clarify anything you don't understand.
Your tax returns
remain open for auditing for 3 years from the date you filed them. So, for example, if your 2007 tax return
was filed on time in 2008, that return would now be closed unless more than 25% of your gross income
/receipts was omitted from the return, in which case the statute runs for 6 years. If your 2007 return was filed on 10/15/2008 then the statute of limitations
would run until 10/15/2011. In other words, your receipts supporting the deductions
on the 2007 return may be destroyed either now or after 10/15/2011 as the case may be.
However, if you have receipts pertaining to assets
which continue to be a part of your current returns, for example property
& equipment or your personal
residence, those receipts should be kept until the related asset is disposed of (actually three years from the return that would contain that information).
Further, we generally recommend that you maintain copies of the actual returns indefinitely.
Hope this helps. Note that there is no specific rule or regulation
on this point, we can only derive the time frame based upon audit
requirements that your tax return figures be supported.