Keeping tax records after death

My mother passed 3 years ago next month. I had her final taxes done for her last surviving year by our company tax accountant. She has recently had a stroke and isn't going back to work it seems for a while if ever.. I came across several boxes of years of tax documents and filings for mom and dad. They are both deceased now.

I believe you are to keep tax records for 5-7 years. Not sure if that rule still applies after death as well and their final taxes have been filed.

I need to clean some things out of storage.

Might be best to ask a CPA or attorney who specializes in taxes.

Yes

3 years according to google if there is a company involved. But ask a tax man and he says once the estate is settled individual returns the IRS won't auduit OR he's never heard of it .

I file my own and we keep for 7 years. That could be changing over the last years too. The IRS also has records they keep as well as they could not come back to audit one if they did not have the files on hand.

Bryce

Ask a professional. Too bad Coonman isn’t here to share tax advice with us.

But your still alive !!! LOL question was after BOTH people on returns pass.....

Once an individual passes, creditors would have to go after the estate. IRS would be a creditor I believe. Once the estate is settled it would seem unlikely there is any way to get money out of the estate. The executor could possibly be sued if there are problems. I often see postings in newspapers advertising for folks to come forward by a certain date if they have claims against an estate.

I was the administrator/executor of the Trust so all loose ends appeared to be tied up as they should a few years back now. I had a tax attorney assist me in the final estate tax payment so I should be good on that end as well.

And yes if I knew when I was going to die I could have that arranged ahead of time.

Bryce

I knew a guy who used to write "DECEASED" on bills he would recieve in the mail,and return to sender.

Great way to get out of bills lmao, probably doesnt work anymore.

I bet it still works for him,since he passed away a few months ago,lol.

Coonman could always advise us on tax matters.

Bob, my tax lady told me to keep Dad's for 7 years after he passed. The last folder went into the stove this past tax season. Don't know the legals, but that is what my tax lady advised. FWIW

Great way to go to prison for fraud too!

Creditors have 6 months after the date of death to file a claim against the estate. Just finalized Moms a couple weeks ago.

I have a hard enough time doing my taxes now. I cannot imagine the situation will improve after I'm dead...!

Pete

The IRS Statue of Limitations for auditing is normally 3 years, if you were Power of Attorney, for your peace of mind maybe hang onto them for another couple years, if not- I would dispose of them.

f folks can vote Democrat after they die, why should they not pay taxes ??

True, but 7 years if they suspect fraud.

My feeling is that with another 87000 revenuers, they will always "suspect" fraud.