How long should I hold on to my income tax records? Is it 3, 4, 5, or ten years?

ANSWER

The BIDaWIZ Team's Answer:

The statute of limitations, for the IRS, to audit, or challenge, a tax return,

is three years. Thus, at a minimum, you should keep a file copy, for at

least three years, from the date in which the return is filed. However, there are

certain circumstances in which the term is extended. For example,

the statute of limitations, for collections, is ten years. Accordingly, the safer number

of years, to maintain a tax return copy, is seven years, from the date in which

it was filed.