Posts Tagged 'Records'

The tax records required in an IRS audit

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Rule of Thumb:  Keep all tax records for income and expenses for at least 3 years.

If you are selected for an audit the auditor will want to see the following documents:

  • Bills
  • Credit card and other receipts
  • Invoices
  • Mileage logs
  • Canceled, imaged or substitute checks or any other proof of payment
  • Any other records to support deductions or credits you claim on your return

You should normally keep records relating to property until at least three years after you sell or otherwise dispose of the property. Examples ...

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