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`lag

Joined: 12/13/1999 Posts: 62574
Likes: 14988


Textbook is the IRS goes back 6-7 years unless


you didn't file or there is evidence of serious fraud etc. So, if you do due dililgence and don't have some scam going then yeah, holding on to that long is being super safe.

More likely, if there's an honest error on your taxes, they'll catch up with you in 2-3 years, and I know b/c I just spent the fall dealing with my 2016 taxes. ( I "won" btw, even though I probably did owe some money but not nearly as much as they were suggesting but didn't have the manpower to pursue it when I sent in a lot of support information. hell, they could have "accepted" my cover letter and I would have paid $751)

So yeah, I grind up my eight year old tax returns. (and 7 years doesn't take up that much space) on the other hand I was real glad I had good records going back pretty far b/c some it involved pre-tax and post-tax money, and I could show some post-tax basis from 2011, so yeah, it did matter I had my tax returns from 2011.
[Post edited by `lag at 03/17/2019 12:07PM]

(In response to this post by scoop76cs)

Posted: 03/17/2019 at 11:58AM



+1

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Current Thread:
  Thanks to you all for the feedback! ** -- scoop76cs 03/17/2019 1:02PM
  I am a hard copy type. ** -- scoop76cs 03/17/2019 1:02PM
  Hmm, you'll made me think about that... -- `lag 03/17/2019 12:42PM
  I've still got mine from 1959 - today. ** -- AZHokie59 03/17/2019 8:05PM
  Textbook is the IRS goes back 6-7 years unless -- `lag 03/17/2019 11:58AM
  That is how far back I currently have. ** -- scoop76cs 03/17/2019 12:14PM
  @Hokie CPA ** -- F4EHokie 03/17/2019 11:51AM

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