I have done my parents 1040 tax return for the last many years. My father passed away 7 yrs ago and my mother passed away in 2011. Their returns were rather simple.
How long is it suggested to keep copies of their return and backup info? I would like to discard this info as soon as possible.
Thanks for any input.
Assets that are inherited get a step up in basis to date of passing or 6 months after, depending. Pre tax IRA money will be taxed on withdrawal. So, the one reason to need anything that comes to mind is if there was an IRA and any post tax deposits were made. Aside from that, I'd say the usual 3 years.
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