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What do you do with old tax docs and financial records?

1,362 Views | 10 Replies | Last: 6 yr ago by libertyag
Out in Left Field
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AG
What do you keep? How far back? Where do you keep it?

I figure I'd just load all that kind of stuff onto a cd and just store it somewhere.
TwoMarksHand
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AG
You could probably scan everything into pdfs and save them all on a flash drive.
InMyOpinion
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TwoMarksHand said:

You could probably scan everything into pdfs and save them all on a flash drive.


This

I haven't had a computer with a cd drive in a couple years now, have a handful of flash drives for storing data
The Collective
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AG
I shred tax docs > 10 years and most other items. Keep investing data indefinitely. They are all in the cloud with access information available in my lockbox at bank.
The Wonderer
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AG
Scan to flashdrive or cloud. Destroy finc documents older than 7 years if you want.
Bonfire1996
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AG
We keep everything up to 7 years. The instant it is over 7 years old, it is completely destroyed.
BigPuma
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AG
The IRS can only go back 4 years from date of filing (so 2013 is a closed/closing tax year right now depending on when you file.)

I tell clients if it is over 5 you can chunk it. Unless the IRS can prove or determine fraud and then it doesn't matter.
Stive
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AG
Good to know.

Wonder why the prevailing thought is keep 7 years then?
Bonfire1996
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AG
Stive said:

Good to know.

Wonder why the prevailing thought is keep 7 years then?
Businesses have to answer questions back to 7 years.
The Wonderer
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AG
Bonfire 1996 said:

Stive said:

Good to know.

Wonder why the prevailing thought is keep 7 years then?
Businesses have to answer questions back to 7 years.
Yep.
libertyag
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AG
BigPuma said:

The IRS can only go back 4 years from date of filing (so 2013 is a closed/closing tax year right now depending on when you file.)

I tell clients if it is over 5 you can chunk it. Unless the IRS can prove or determine fraud and then it doesn't matter.
The IRS can go back 3 years, 6 years if you understate your gross income by 25% or more. If the financial records contain anything that is still impacting a return that is open, that needs to be retained. For example, any item being depreciated or anything being carried forward.
libertyag
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AG
Stive said:

Good to know.

Wonder why the prevailing thought is keep 7 years then?
The statute of limitations varies for different things: income taxes, franchise taxes, sales taxes, payroll records, etc.
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