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additional tax up to three years from the date the return was due, the date it was filed, or two years from the date the tax was paid, whichever occurs later.
The statute of limitations is longer for under-reporting income. If a taxpayer understates income for any one audited year by 25 percent or more, the IRS can audit and assess additional tax for up to six years.
If a taxpayer fails to file a return or files it fraudulently, there is no dme limit. The taxpayer is subject to question at any time, even many years later.
Some records should be kept indefinitely. For example, homeowners need all the records relating to major home improvements in order to calculate their gain or loss for tax purposes.
Improvements increase the cost basis and thus reduce the tax owed when a home is sold. The records are
96.2%