Those might include documents related to the purchase or sale of a home or a stock, for instance. For example, "Any records related to capital assets, keep forever," says Jerry Gaddis, enrolled agent, founder and CEO of Tropical Tax Solutions in the Florida Keys. Some financial documents related to your taxes should be kept for years, and maybe even forever. You want to keep records for seven years if you claim a loss on worthless securities or bad debt deduction, according to the IRS. For example, if you underreport your income, and the unreported amount is more than 25 percent of the gross income on your return, the Internal Revenue Service recommends keeping those background records for six years. Tax filers will need to store some documents even longer, experts say. For an individual filer, those supporting documents back up any income, deduction or tax credit claimed on your return and may include W-2 income forms, charitable donation receipts and 1099 forms. You typically want to keep your tax returns and related financial documents for at least three years.
0 kommentar(er)
