Keeping important papers?
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Fleet Mechanic
Joined: Jul 2004
Posts: 1,988
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From: Travelers Rest SC
Keeping important papers?
Okay- how long should you keep important papers, like tax records 'n stuff? Obviously, I keep owners manuals, insurance policies, wills, deeds, titles, etc., but I've got box after box of tax returns, going back almost 20 years! I do 'em on computer now, and I burn a disc AND print a hard copy. Does anybody know how far back the IRS might go?
Fleet Mechanic
Joined: Jul 2003
Posts: 1,571
Likes: 21
I'd check with a CPA tax accountant. Ours told us to shread everthing pertaining to income, spending and taxes that was more than seven years old. His reason was that if they should show up on your door with a search and seizure warrant they could still use the records against you to establish their case.
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