How long to store tax records

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Statute of Limitations

If the IRS suspects you underreported income by less than 25 percent due to an honest error, the agency has three years to inspect your return. After that period, the statute of limitations expires. However, the IRS has up to six years if you underreported income by more than 25 percent and seven years if you claimed a loss from worthless securities or bad debts. If the IRS suspects you fraudulently filed a return, there is no statute of limitations on return inspections.

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Source: ehow.com

Category: Taxes

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