An oversight
One of the joys of seeing tax season pass is the knowledge that the statute of limitations has closed on another tax year (at least if you cut fairly square corners with the government in the past). This year, for most of us, 2004 slid into tax irrelevance as of April 15. At our house, it's time to clear out the supporting documentation for the tax return we filed for that year. (But we keep our copies of the returns forever, of course.)
Our sense of closure is diminished somewhat by the discovery that we inadvertently forgot to file one of the required return forms for 2007. Oh well, we'll have to file late and see what happens.
| Posted at 1:35 PM | Permalink |
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Comments (7)
I would much rather deal with the IRS or the Gambino Crime Family than deal with the Oregon Dept. of Revenue.....
Posted by Ed | May 13, 2008 3:14 PM
Had to file one of those this year as well! Oh the joy! Luckily for me, I have a LDCG (Labrador Damage Credit Generator); I got a substantial refund as a result.
Posted by Chris Coyle | May 13, 2008 5:24 PM
We have had cats who were subject to the passive activity limitations.
Posted by Jack Bog | May 13, 2008 5:32 PM
We get lots of info about the IRS in the press, but little about the state dept of revenue. What is so bad about the state as Ed mentions above and do they have a statute of limitations that is similar?
da Bum
Posted by Blue Collar Bum | May 13, 2008 6:13 PM
Jack- What is a common guideline for how long to keep bank statements, bills, etc? Should I use the same timeframe as taxes? I've tried to keep everything, but it's piling up... Thanks.
Posted by TKrueg | May 13, 2008 7:04 PM
We've been keeping tax returns forever, but most other tax-related receipts and statements for only three years. As I say, we're about to dispose of most of '04.
However, we also keep all documents relating to life insurance and retirement indefinitely.
I believe other experts may recommend more tenacious record retention. You may want to do a little research before emulating me.
Posted by Jack Bog | May 13, 2008 7:24 PM
Jack - Sorry to hear about you hitting the passive activity limits. I was worried about the at-risk rules ... til I realized that, with a Lab, everything in my house is at risk!
Posted by Chris Coyle | May 13, 2008 9:55 PM