You should keep your tax records for at least three years from the date you file your tax return. The Internal Revenue Service (IRS) generally has three years to assess additional tax liabilities and you generally have three years to amend a prior tax return. However, since under some circumstances the IRS has up to six years to audit your returns, you should consider keeping your records for six years from the date you filed your tax return.
What to Keep Longer
You’ll need to hang on to certain records beyond the statute of limitations:
Just a Starting Point
This is only a sampling of retention guidelines for tax-related documents. If you have questions about other documents, you can reach me at meagan@BerdonLLP.com or contact to your Berdon advisor.
Michael Eagan, J.D., LL.M., a Berdon LLP tax manager, has nearly 20 years of experience in the accounting profession with a concentration in the real estate industry including partnerships and international organizations. He works extensively with REITs to minimize corporate taxes and maximize tax benefits.