General Records Checklist
Below is a list of general records the IRS advises everyone to keep on hand.
Income: Keep your W-2s and 1099 forms, as well as your bank and brokerage statements.
Expenses: For major purchases, keep invoices, receipts, canceled checks, or other proof of payment.
Home: Keep the closing statements, all proof of payment, and insurance records. If you sold a home before 1998, you should keep IRS Form 2119.
Investments: File regular statements from your broker.
If you owe money on a return, the IRS suggests you hang on to your documents for three years. If you file a loss claim for worthless securities, keep your records for seven years.
Finally, if you don't file a return or you knowingly file a fraudulent return, the IRS says there's no limit to how long you should keep your documentation.
The IRS offers more advice about keeping records in Publication 552.
* * * * *
Income: Keep your W-2s and 1099 forms, as well as your bank and brokerage statements.
Expenses: For major purchases, keep invoices, receipts, canceled checks, or other proof of payment.
Home: Keep the closing statements, all proof of payment, and insurance records. If you sold a home before 1998, you should keep IRS Form 2119.
Investments: File regular statements from your broker.
If you owe money on a return, the IRS suggests you hang on to your documents for three years. If you file a loss claim for worthless securities, keep your records for seven years.
Finally, if you don't file a return or you knowingly file a fraudulent return, the IRS says there's no limit to how long you should keep your documentation.
The IRS offers more advice about keeping records in Publication 552.
* * * * *
posted by Bob Moser at
3:16 PM
0 Comments:
Post a Comment
<< Home