And retain records related to real estate or investments for as long as you own the asset, plus at least three years after you sell it and report the sale on your tax return. What about your retirement account paperwork? Keep records associated with a retirement account until you’ve depleted the account and reported the last withdrawal on your tax return, plus three (or six) years. (There’s no statute of limitations for an audit if you didn’t file a return or you filed a fraudulent one.) For example, keep the actual tax returns indefinitely, so you can prove to the IRS that you filed a legitimate return. You should keep certain tax-related records longer. However, the statute of limitations extends to six years for taxpayers who understate their gross income by more than 25%. (If you filed an extension for your 2018 return, hold on to your records until at least three years from when you filed the extended return.) So you can generally get rid of most records related to tax returns for 2018 and earlier years. The statute of limitations is generally three years after you file your return. You should hang onto tax records related to your return for as long as the IRS can audit your return or assess additional taxes. After your 2021 tax return has been successfully filed with the IRS, there may still be some issues to bear in mind. The tax filing deadline for 2021 tax returns is April 18 this year.
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