How long keep paperwork irs

Deeds, titles, stock and other investment authentications and valuations would be the exception to the scan rule. Ellen Chang is a freelance journalist who is based in Houston and writes articles for U. Chang previously covered investing, retirement and personal finance for TheStreet. She focuses her articles on stocks, personal finance, energy and cybersecurity.

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Share your feedback. Send feedback to the editorial team. Rate this Article. Thank You for your feedback! Something went wrong. With that in mind, a shoebox with loads of papers or files scattered throughout your hard drive is not a good move.

Instead, start a filing system that organizes all your records by year and by category, such as bank statements, income forms and receipts. You might owe more money. These documents include your name, address, Social Security number and all the information needed to steal your identity, so getting rid of them requires extra attention. Whether you retain paper or electronic documents, ensure they are safe and secure and keep an encrypted back-up.

How We Make Money. David McMillin. Written by. David McMillin writes about credit cards, mortgages, banking, taxes and travel. David's goal is to help readers figure out how to save more and stress less. Edited By Lance Davis. Edited by. Lance Davis. Lance Davis is the senior editorial director for Bankrate. Lance leads a team responsible for creating educational content that guides people through the pivotal steps in their ….

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You must keep the records on the old property, as well as on the new property, until the period of limitations expires for the year in which you dispose of the new property. When your records are no longer needed for tax purposes, do not discard them until you check to see if you have to keep them longer for other purposes.

For example, your insurance company or creditors may require you to keep them longer than the IRS does. More In File. Period of Limitations that apply to income tax returns 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 indefinitely if you do not file a return. Keep records indefinitely if you file a fraudulent return.