dpb wrote:
J. Clarke wrote:
Kurt Ullman wrote:
In article
,
AZ Nomad wrote:

WTF would I need a 4 year old canceled check for?
Statute of limitations on tax fraud is 6 years. If audited they
can
require canceled checks for anything and everything. Even "normal"
stuff is 3 years.

I thought it was 7, but either way it's a reason for keeping records
for longer than just a short time certainly.


Why would they want cancelled checks for anything that you didn't
claim as a deduction?

The bank would know which check to hold on to because you used it as
a
deductible item or not???? (IOW, it really doesn't matter for
what reason one may need a record--if needed, it's needed).

Who said anything about banks? Why would the IRS want cancelled
checks for anything that wasn't a tax deduction? Or does "anything
and everything. Even 'normal' stuff is 3 years" subsume only tax
deductions?

If you're claiming it as a deduction, you should have the check or a
certified copy of same in the folder with your tax records.

--
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--John
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(was jclarke at eye bee em dot net)