Legal Question in Tax Law in Indiana

tax and records

How many years should we keep our records for. At what point is it alright to toss past bank statements, check stubs etc. Thank you

Asked on 1/02/08, 2:35 pm

1 Answer from Attorneys

Ronald Cappuccio Ronald J. Cappuccio, J.D., LL.M.(Tax)

Re: tax and records

First, you should always keep a photocopy of your tax returns. It is possible for the IRS or State to lose the returns and claim you have not filed. Once the statute of limitations for audits has run ( 3 years from filing) you may choose to dispose of the original documents. Nevertheless, the smarter move would be to scan the documents and store them indefinitely.

I hope this helps!

Ron Cappuccio

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Answered on 1/02/08, 2:48 pm

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