How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Richard Your Own Question
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 54825
Experience:  29 years of experience as a tax, real estate, and business attorney.
17027240
Type Your Tax Question Here...
Richard is online now
A new question is answered every 9 seconds

How long do you have to keep records of your Federal Taxes

Customer Question

How long do you have to keep records of your Federal Taxes?
Submitted: 11 months ago.
Category: Tax
Expert:  Richard replied 11 months ago.
Hi! My name is ***** ***** I will be helping you today! It will take me just a few minutes to type a response to your question. Thanks for your patience!
Expert:  Richard replied 11 months ago.
Pursuant to the IRS (https://www.irs.gov/businesses/small-businesses-self-employed/how-long-should-i-keep-records): Keep records for 3 years if situations (4), (5), and (6) below do not apply to you.Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return.Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return.Keep records indefinitely if you do not file a return.Keep records indefinitely if you file a fraudulent return.Keep employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.
Expert:  Richard replied 11 months ago.
Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as OK, Good or Excellent (hopefully Good or Excellent). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!