Video Tips: How Long Should Old Tax Records Be Kept?

Generally, tax records should be kept for 3 years from the due date of the return to which they apply. Or if the return was filed after the due date, 3 years from the actual filing date. The statute of limitations can be longer if there is fraud, or a return was not filed. Add 2 years if your state statute is longer. Basis records for stock, property and other assets must be kept until the statute expires for the year of sale.

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Tim Thompson CPA PLLC is located in Dallas, Texas and is an expert in all areas of Texas taxes. We can help with individual or business taxes, tax resolution, tax preparation, and tax planning services.