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How Long Should I Keep Tax Records?

By BARRY LISAK
Posted 5/11/20

Although this year's tax-filing deadline has not come, it's a question many clients ask throughout the year. Depending on which person you ask, you might get a range of responses, from a few years to a lifetime. I strongly recommend you keep your tax returns forever. For example:

You bought a stock in 1992. You sell it in 2019. You claim a capital loss on your shares of stock. The IRS examines your return and alleges that you didn't have a loss; rather you made a large profit. Wouldn't you like to have proof of your purchase price? 

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