In a recent bulletin titled “Tax Records – What to Keep,” the IRS says it recommends that you keep copies of tax returns and supporting documents for at least three years. But in the next sentence it says “some documents” should be kept for up to seven years in case you need to file an amended return or if questions arise. It also says that you should keep records relating to real estate for up to seven years after selling the property.
In other words, it sounds like the seven year rule of thumb for keeping tax records is still the way to go.
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