The IRS recommends retaining copies of your tax returns and supporting documents for a minimum of three years to a maximum of seven years. Remember to keep records relating to property you own for three to seven years after the year in which you dispose of the property. Three years is a time-frame that allows you to file amended returns, or if questions arise on your tax return, and seven years is a time-frame that allows filing a claim for adjustment in a case of bad debt deduction or a loss from worthless securities.
IRS Newswire
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