HOMEOWNERS: HOW LONG SHOULD YOU KEEP YOUR RECORDS?
The question is always raised: how long must I keep my records? As taxpayers, we are legally required to keep accurate books and records in the event the Internal Revenue Service ever knocks on our door seeking justification or documentation of our tax returns.
No one wants or likes to keep unnecessary papers. Taxpayers should go through their files at least once a year, keeping what you think is important, but discarding a lot of unnecessary documentation. Often, the document we knew was so important last year is now considered totally useless. Clearly, those documents which are not used for tax purposes can be thrown out on a yearly basis — such as department store statements.
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