After seven days, the waters of the flood came and covered the earth. When Noah was 600 years old, on the seventeenth day of the second month, all the underground waters erupted from the earth, and the rain fell in mighty torrents from the sky. The rain continued to fall for forty days and forty nights. (Gen.
You also should hang on to tax records for three years if you file a claim for a credit or refund after you filed your original return. The limit here could be shifted to two years from the date you paid any due tax, if that date is later than the three-year limit.
If a substantial amount of income is omitted from the return, the period is extended to six years. Many advisers suggest that you can dispose of tax records after seven years. But some tax records need to be kept longer. Copies of prior tax returns and elections they contain should probably be preserved indefinitely. Records supporting the cost basis in assets owned, such as buildings and long-lived equipment, should be retained until at least three years after the asset is disposed of.