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Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7149
Experience:  Extensive Experience with Tax, Financial & Estate Issues
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How long do we keep receipts what is the last date I can remove

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How long do we keep receipts what is the last date I can remove from active?
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.

Please remember to "ACCEPT". Feedback, if you have time & bonuses where you think they are warranted are always most appreciated. I'll be happy to answer any follow-up questions you may have.
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