For someone in their 70's, how many years worth of tax records should one keep? I worry about the safety of keeping decades of tax records with social Security and account info and ID numbers.
Opinions vary but most would suggest that seven years after the date filed. Personally I keep the basic tax form as filed forever. I guess I am not overly concerned about personal information of things stored in my home.
I agree 7 years is the usual recommendation. But it's also a good idea to keep records of any asset you own from when you originally purchased it. Home ownership records are maybe not so important now that most qualify under the homeowners exclusion, but sometimes that $250K single or $500K married exemption proves too small to cover your gain. Then receipts for home improvements come in handy.Records of stocks and mutual funds owned can usually be replaced for a fee, but those records are worth keeping as long as you own that stock or fund.Collectibles like jewelry, antiques, old cars, art, etc, etc, I think you will want to keep records.Maybe not the mundane utility receipt, but purchase and even maintenance records can come in handy.Ditto if you had a major loss from a fire or disaster, insurance company wants to know what you had and what it was worth. Records come in handy. (And they always seem incomplete.)
For someone in their 70's, how many years worth of tax records should one keep? I worry about the safety of keeping decades of tax records with social Security and account info and ID numbers. - 9mawhinney | Date: 7/21/2017 10:10:38 AM | Number: 20411 Tax returns should be kept for seven to ten years -- unless there was fraud involved. Then they should be kept forever.WHOVPLLC
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