Corona Police Department Interim Police Chief Michael E. Abel 730 Corporation Yard Way Corona, California 92880 (951)736-2330 Visit Department's Homepage County: Riverside
My rule: Keep records and tax returns for years that include atypical transactions (sales or donations of property) and irregular income (stock option exercises, trust income, etc.) for six years after the filing date of the return. Keep a 2005 tax return that includes reporting of irregular items until April 2012.
You should keep tax returns for more than three years in the following situations: If you omit more than 25% of your gross income on your tax returns, you should keep the return for six years. In that case, the IRS has six years to assess additional tax. If you claimed loss for worthless securities or bad debt deductions, you should be save the tax return for seven years.