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Tax Records Keeping
Life
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Some tax estimating documents are too precious to ever shred, or at least not for a long, long time. Below is a list of documents you should keep safe for most of your natural life.
- Documents from the purchase and sale of real estate.
- Receipts for major purchases like cars, jewelry, computers, antiques, furniture or big-ticket luxury items.
- Records of major home improvements
- Records of nondeductible IRA contributions and other retirement saving vehicles such as 401(k) statements.
- College saving plan statements.
- Life insurance purchase statements.
- Documents from the purchase and sale of investments
- W-2 forms or 1099 documents. (You’ll want to refer to these statements when you begin drawing Social Security)
- Copies of previously filed tax returns (state and federal)
- Records of major life events like marriages, divorces, births and deaths.
If you’ve lost any previously filed tax estimation documents from the last three years you can request tax transcripts from the IRS free of charge. If you’d like actual photocopies of the tax return the IRS charges a fee.
Tax transcripts can be requested by calling (800) 829-1040. If requesting by mail you’ll need IRS form 4506-T which you can download from www.irs.gov.
If you’d like photocopies of your tax return you’ll need to file form 4506 by mail.
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