Market Finance Time

Keep basic records

June 22, 2010

You know, that there are basic records are documents that you should keep. Well, that’s fact but I’m interesting on how long I should do so?

First of all what is concerning 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
Home Closing statements
Purchase and sales invoices
Proof of payment
Insurance records
Form 2119 (if you sold a home before 1998)
Investments Brokerage statements
Mutual fund statements
Form(s) 1099
Form(s) 2439

And now – how long you should hang on to records?

Owe additional tax and the next three situations below do not apply to you 3 years
Do not report income that you should and it is more than 25 percent of the gross income shown on your return 6 years
File a fraudulent return No limit
Do not file a return No limit
File a claim for credit or refund after you filed your return Later of 3 years or 2 years after tax was paid
File a claim for a loss from worthless securities 7 years

Entry Filed under: General. .