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

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How long do you have to keep records of your Federal Taxes ?
Submitted: 1 year ago.Category: Tax
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5/19/2016
Tax Professional: Richard, Tax Attorney replied 1 year ago
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55,790
Experience: 29 years of experience as a tax, real estate, and business attorney.
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Tax Professional: Richard, Tax Attorney replied 1 year 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.
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Tax Professional: Richard, Tax Attorney replied 1 year ago
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