One question that I seem to get asked quite frequently this time of year is how long you should keep financial records and old tax returns.
Generally, the IRS recommends keeping copies of tax returns and supporting documents at least three years. Some documents should be kept up to seven years in case you need to file an amended return or if questions arise. Keep records relating to real estate up to seven years after disposing of the property.
Health care information statements should be kept with other tax records. It is important to note that these forms do not get sent