Only need to keep old income taxes for 3 years.

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Oh what a relief. No more keeping old filed incomes taxes for 7 years. Now it is only 3 years, thus tax year 2017, 2016, 2015. Unless you had declared a loss then you would need to keep them for 7 years. So start shredding my friends. I have dug into my own old filed taxes a few minutes ago but the old shredder just broke with a loud pop. Time to get a new one that can shred more than 2 pieces of paper at one time :P I'll be glad to get rid of my late parents old filed taxes, too.

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Just FYI, shredding papers was one activity both my mother and my husband (each with dementia) enjoyed.

Purge your documents and entertain your loved one at the same time!
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Dear freqflyer,

Thanks for letting us all know. I too thought it was a minimum of 6 or 7 years.

I'm with you. Need to get the shredder out.:-)
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Countrymouse, I wasn't really sure about this at first. My boss' CPA told me 3 years. Then I got an email from Turbo Tax about the 3 years. I wanted more proof so I went to the IRS website: www.irs.gov/businesses/small-businesses-self-employed/how-long-should-i-keep-records :))

For my self, I am keeping records for myself and my late parents going back 5 years.  Did the same for the boss who hadn't shredded any business files for over a decade.
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I am scowling here. From 1994 onwards I kept every statement, every invoice, every receipt, every remittance advice beautifully indexed and filed in archive boxes. And did they ever come and check? No. Not once. Idle bastards!

FF if I were you I should go ahead and gleefully shred (an iPod with something boppy on it makes the noise less irritating) but just make sure you have their new instructions in writing, preferably signed in blood.
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Are you really going to trust the permanence of that?
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So this means that the IRS no longer has the 6 year lookback period and option for auditing tax returns?

Maybe T or his 1% friends can be thanked for that, assuming it's in the new tax bill.
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Uhmmm. I spent 2hrs looking for my passport a few nights ago. I had decided months ago to store it in a better place than in a shoebox in the closet. I forgot where I hid it. While looking for it, I came across another shoebox with my filed tax returns since my 1st job, summer job, in 1985.... I kid you not!!!
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