taxes
 

 taxes







 

Question by  cheryllichak (26)

How many years should you save receipts for tax purposes?

I would like to clean house and get rid of some old things, but am uncertain to how long to hold on to receipts.

 
+7

Answer by  Kurt (4579)

You should keep at least the last 3 years of financial information for tax purposes. That is the statute of limitations for the IRS.

 
+7

Answer by  brado76 (167)

The standard answer is 5 to 7 years though you can now use a scanner to scan in all your old receipts and keep records forever.

 
+5

Answer by  mommytoc (56)

I would save reciepts for anything tax deductible for seven years although I think you are fine so long as you keep them for two years.

 
+5

Answer by  emilyjones (69)

For all practical purposes, you should keep tax records and receipts for about seven years. There is always a possibility of audit and you should be prepared.

 
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