How Long Should I Keep Income Tax Records?

Tax season is over, which always raises the question, “How long should we keep our past tax filing records?” Below is some guidance from Richard Hammer, the Church Tax & Law expert, and here is his full article.

“In general, you should keep records that support an item of income or a deduction appearing on a return until the statute of limitations (the period during which the IRS can audit your return) runs out. Usually, this is three years after the date a return was filed (or three years after the due date of the return, if later). However, in some cases, it is wise to keep records for a longer period of time, since a six-year limitations period applies in some situations, and in others (e.g., no return was filed or a return was fraudulent), there is no time limitation on the authority of the IRS to begin an audit.”

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