How long to keep receipts for tax purposes?

[Anonymous]

If you do itemized deductions how long do you keep your reciepts for each year?

[Anonymous]

7 years

[Anonymous]

Anonymous wrote:7 years

Why 7 specifically?

[Anonymous]

Anonymous wrote:

Anonymous wrote:7 years

Why 7 specifically?

You can be audited for up to 7 years after you file; you need to have the paperwork to back up your return.

After 7 years, the only reason they could audit you is if they suspected deliberate fraud.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:7 years

Why 7 specifically?

You can be audited for up to 7 years after you file; you need to have the paperwork to back up your return.

After 7 years, the only reason they could audit you is if they suspected deliberate fraud.

IRS Audit period is 3 from date you file taxes. Where are you getting 7?

[Anonymous]

https://www.irs.gov/businesses/small-businesses-self-employed/how-long-should-i-keep-records

[Anonymous]

We scan in everything and keep for 10 years. We itemize everything and keeping it for a long time gives us a sense of security in the event of an audit. I actually wonder how long our accountant keeps our returns.