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Tax papers


BarbDan17

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We are putting our house up for sale in the middle of April and should be FT as soon as we close. We are still frantically getting rid of things and getting the house ready to sell. We are unsure what to do with our tax papers. I searched the forums and only found two instances mentioning tax papers. One said they have their papers stored with family and another said they were scanning them. If you're audited, is a scan acceptable?

 

What are the rest of you doing with your tax papers? We usually keep 7 years of filings.

 

Thanks,

 

Barbara and Dan

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We are putting our house up for sale in the middle of April and should be FT as soon as we close. We are still frantically getting rid of things and getting the house ready to sell. We are unsure what to do with our tax papers. I searched the forums and only found two instances mentioning tax papers. One said they have their papers stored with family and another said they were scanning them. If you're audited, is a scan acceptable?

 

What are the rest of you doing with your tax papers? We usually keep 7 years of filings.

The middle road is to keep the actual tax documents but scan the supporting documents. That way, 7 years forms don't take up much space.

 

Linda Sand

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We keep one year with us. The rest(3years if they are simple returns) are kept in our safety box at our daughters. We carry nothing, including SS cards and original titles for vehicles with us except for passports and one year of medical EOB. overnight FedEx can get them to us. If the IRS wants to audit me they will give me more time than 24 hours to show them our stuff

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I carry a fire proof file cabinet and inside it 2 small fire proof safes. In the MH.

Have all taxes done by Turbo Tax on line and save all forms in PDF and have copies on the cloud.

 

I also keep my SS card, birth certificate, titles to vehicles and other important bank papers(CD's cash) etc. in the same cabinet

 

Has worked for over 17 years of Full Time for me.

OH!! I have never been audited yet. . :) Got my refund back 2/22/16 for 2015 filing.

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The IRS has three years to audit a return before the statute of limitations expires. If they find a substantial under reporting error, they can go back up to six years. The IRS has no time limit when an audit pertains to assessment of tax if a return is false or fraudulent or not filed at all.

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We keep 7 years of records but we do so digitally. Files in .pdf are acceptable and in fact that is the format that auditors use as well. Should you need them you can easily print out hard copies. We keep a copy with us and a second copy on a thumb drive that is in a safety deposit box that we share with our son.

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All of ours are electronic because all of our tax documents from the past 10 years have been electronic. And since we take standard deduction, we don't have any receipts to save. Things get real simple when you don't earn alot and live a very unencumbered lifestyle. :)

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We do the reverse of Linda. We keep the supporting documentation which may be harder to replace in original and scan everything just in case. We itemize and for the last few years have had less common deductions so I'm cautious about my supporting documentation. Hopefully things will simplify after we finish with the S&B and then we'll probably just scan everything.

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If you have non-deductable contributions to an IRA or other retirement plan you must keep the records

from when you made those contributions. Which can well be longer then 7 years which is my case.

I was audited for the 2011 tax year and it was not a problem, at all. We had the records in a computer file and I printed then and they wanted

our 2011 bank statements along with 12/10 and 1/12. They checked each source of income listed on the bank statements.

In our case the audit was because we had losses on our cattle operation for three years in a row. They came to our ranch because they

wanted to see that we had a ranch with cattle.

The out come, we received additional $476 refund and we agreeded to stop taking the loss on our cattle operation.

They would have let us continue with the losses if I had a business plan where I could show that we could make a profit.

I can't show were I could make a profit so they just let it go and said not to do it any more or the could come after me and they could call the cattle operation

a hobby. We were very please with the out come. We feel that we should pay our sare of taxes.

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Thanks everyone for all the great responses. Even if we have everything stored somewhere, it sounds like we need to have scans &/or pdf format. Fires, floods, tornado's etc., happen everywhere and no guarantee wherever we store things wouldn't be in harms way. Hopefully, our taxes will be less paperwork as we get further away from owning a S&B.

 

Safe travels, one and all!

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We have filed electronic tax returns for years now and I always save the tax forms to the computer, rather than printing them out (which I can do at any time). Most of the supporting forms we receive -- 1099-R, 1099-INT, 1099-DIV, and similar forms are also downloaded from the source, so we don't receive paper copies.

 

We've never been audited, but in today's electronic environment, I can't imagine that the IRS would insist on original paper copies, particularly when none existed in the first place.

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my tax accountant told me to keep 7 years worth of info in a place I could access quickly and easily if I got a letter in the mail from the IRS. That is NOT the time you want to be scrambling around looking for paperwork.

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How long should I keep records?

https://www. irs.gov/.../How-long-should-I-keep...






Internal Revenue Service



Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.



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my tax accountant told me to keep 7 years worth of info in a place I could access quickly and easily if I got a letter in the mail from the IRS. That is NOT the time you want to be scrambling around looking for paperwork.

So, Soos,what did you choose as a place to access quickly? Do you have these on board with you, are they electronic, or some other place which others haven't mentioned?

 

Thanks for the input everyone.

 

Barbara & Dan

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  • 2 weeks later...

What the heck does a person do if they don't have records. IE a natural disaster for instance. I have always wondered and thought of it again lately with people losing everything in torandoes, floods, fire, etc. Now I am slightly concerned about the records on a very small IRA that I probably could not come up with records for. (not collecting on it yet)

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So, Soos,what did you choose as a place to access quickly? Do you have these on board with you, are they electronic, or some other place which others haven't mentioned?Thanks for the input everyone.Barbara & Dan

We keep them in the rig in a desk drawer, hard copy, but my accountant has copies as well, and anything I get electronically, such as Fidelity tax statements, I keep in a folder on the computer.

I guess I could scan everything I need to keep- it probably isn't much anyway. Maybe on some rainy day when I am really bored

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We have pdf copies of turbo tax, however we also have a hard copy - 7 yrs worth . They really don't take up that much room. 2015 is bulky, as we sold our house/rental and it's the final return for our original home state and city where the house was located. I sort out and destroy some paperwork each year on Jan 1.

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