Dear Taxman – How long am I required to keep my tax records?
Dear Reader – You should save all your income tax records for the current year and six previous years. Certain tax records like your income tax returns should be kept permanently. Property settlement transaction documents should be kept for four years after you dispose of the property. It is acceptable to have a digital copy of your records if you don’t want to store the paper copies.
“Ask The Taxman” originally appeared as a column in The Brunswick Citizen. All responses are written by Jim George, CPA. If you have a question for a CPA, contact us!