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Federal Tax Return

Posted on April 11, 2019 in Firm News

Keeping your Federal tax return after being prepared can be complicated. The rule is a minimum of three years.  However if you deal in stocks and bonds or Real Estate or Business you should keep them for basis purposes. 

If you are in a dispute with the IRS you should keep your return until the audit or dispute is over.  If you are in a dispute other than with the IRS you should keep your returns as far back as needed (possibly since inception).  If you are going through a divorce I would not shred them,as often your returns are going to be used in the divorce proceedings.