How many years do I need to keep income tax records for federal personal income tax?

Asked over 5 years ago - Childersburg, AL

I want to clean out my old files and want to know how many years I should keep tax records? I use the long form, work for wages and own rental property.

Attorney answers (1)

  1. Michael S Anderson

    Contributor Level 9


    Lawyer agrees


    Answered . The Internal Revenue Service can audit a personal income tax return up to three years after the return is filed. It has a longer period to audit the return if there was a substantial understatement of income or overstatement of deductions, six years.

    Generally and for other reasons as well as a potential audit, tax returns and contracts should be kept permanently.

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