IRS/Record Keeping question

[bsnyder]

I'm trying to do a major pruning of all our financial records, and get rid of a lot of old stuff.

How long do I have to keep tax returns and the supporting documents that go along with them (bank statements, W-2's, etc.)?

I only want to keep what's absolutely necessary, but I don't want to have a major headache by throwing away something I might possiblly need later, like if we were ever audited.

 

[DonnaS]

I know my CPA advises keeping returns indefinitely, but I think (hopefully someone will confirm this) the supporting documents were for 8 years.

 

[Dan Murphy]

http://www.irs.gov/pub/irs-pdf/p552.pdf

page 6

 

[bsnyder]

Thanks!

 

[DonnaS]

Oh no! I think my CPA must have filed a fraudulent return for me and that is why he advised indefinitely. LOL

Actually, my CPA (who happens to be my brother), did tell me what was legally required, but I only remembered his recommendations which go further than the law.