IF you… | THEN the period is… | |
1 | Owe additional tax and (2), (3), and (4) do not apply to you | 3 years |
2 | Do not report income that you should and it is more than 25% of the gross income shown on your return | 6 years |
3 | File a fraudulent return | No limit |
4 | Do not file a return | No limit |
5 | File a claim for credit or refund after you filed your return | The later of 3 years or 2 years after tax was paid. |
6 | File a claim for a loss from worthless securities | 7 years |
FOR items concerning your… | KEEP as basic records… |
Income | Form(s) W-2 Form(s) 1099 Bank statements Brokerage statements Form(s) K-1 |
Expenses | Sales slips Invoices Receipts Canceled checks or other proof of payment Written communications from qualified charities |
H o m e | Closing statements Purchase and sales invoices Proof of payment Insurance records Receipts for improvement costs |
Investments | Brokerage statements Mutual fund statements Form(s) 1099 Form(s) 2439 |
H o m e
IF payment is by… | THEN the statement must show the… |
Cash | Amount Payee’s name Transaction date |
Check | Check number Amount Payee’s name Date the check amount was posted to the account by the financial institution |
Debit or credit card | Amount charged Payee’s name Transaction date |
Electronic funds transfer | Amount transferred Payee’s name Date the transfer was posted to the account by the financial institution |
Payroll deduction | Amount Payee code Transaction date |