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i am being audited for my 2007 taxes. I only kept receipts

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i am being audited for...
i am being audited for my 2007 taxes. I only kept receipts from expenses for 2008 and 2009 because I thought they only look back two years so I discarded the 2007 receipts. What can I do now???
Submitted: 7 years ago.Category: Tax
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Answered in 7 hours by:
4/1/2010
Tax Professional: Stephen G., Sr Income Tax Expert replied 7 years ago
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,211
Experience: Extensive Experience with Tax, Financial & Estate Issues
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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.

 

The only thing you can do is rely on bank records to verify whatever expenditures you can. If you are missing bank statement/checks, you'll have to obtain them from the bank.

 

Also, for any large items you should be able to get duplicate receipts from the vendors.

 

Beyond that, you'll have to wait & see what the auditor wants. Many items, taxes, insurance, medical, securities transactions, etc., can be obtained from the party you did business with.

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