According to the IRS, records should be kept for 3 years from the date you filed your original return, and for 7 years if you file a claim for a loss of worthless securities or bad debt deduction. But if you didn’t file a tax return, you need to keep records unlimited time. (the IRS).
Some documents, like paycheck stubs, don’t need to be kept longer than after recording with a W-2 form.
Here is a list of what receipts and records you should keep:
Annual tax returns
Form-W2 and Form-1099 (documents you sent to third parties)
Medical records, bills, and claims
Year-end statements for investments
Pension plan records
Retirement plan records
Home sell/buy receipts and documentation
Home improvement receipts and documentation
The IRS accepts scanned and printed receipts in case of need (Revenue Proclamation 97-22). So, it’s a good idea to keep all necessary records in a digital and organized properly storage. You can scan or photograph and upload electronic documents to the cloud or to external storage. The purpose is to have a well-organized place for keeping your tax documentation.
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