I reside in New York State and would like to know how many years must I keep my State and Federal Tax receipts/filings/statement information? I heard in some places 7 years, while others say 10 years.
Thank you.
How many years must I keep Tax receipts / filings for?
May 14, 2014
2 Replies
This question gets asked a lot, so I now point everyone to the TurboTax answer:
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When it comes to the statute of limitations, the answer does not address NY State. For NY, the statute of limitations is normally 3 years and 6 years for abusive tax avoidance. The link below has the definition of when NY can go for 6 years.
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The answer does not address the reporting of foreign financial accounts (FBAR). The statute of limitations is 6 years. Lastly, if you fail to file any of a number of forms required to report foreign assets or transactions there is no statute of limitations.
This is a useful link for how long to keep all financial records. With taxes, it's probably just best to hold on to them forever.
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