If the IRS Comes Calling About a Deduction, You'll Want Proof
Last in a series of articles
"The art of taxation consists in so plucking the goose as to
Obtain the largest possible amount of feathers with the
Smallest possible amount of hissing."
-- Jean Baptiste Colbert (1619-83)
As you pull together your records to get ready for this year's April 15 tax filing deadline, you should also be thinking about which paperwork you need to keep for the longer term.
There are record-keeping guidelines that apply to all taxpayers, and some of special interest to homeowners.
IRS regulations require taxpayers to "keep such permanent books of account or records, including inventories, as are sufficient to establish the amount of gross income, deductions, credits or other matters required to be shown by such person in any return of such tax or information."