You can click here to hide this list of properties if desired. 1  Delightful Beachfront Grand Cayman: Kaibo Yacht Club: Condo in a complex. 2 BDR. 2  Rest and Relaxation in our Grand Cayman: Castaways Cove: Condo in a complex. 2 BDR. 3  Cayman Brac, 1 Bedroom Cayman Brac: Carib Sands Beach Resort: Condo in a complex. 1 BDR.
Still, you'd be surprised at how much you can safely discard. Here is what you should keep and how long you should keep it. Three Years. Keep your federal and state income tax returns and related receipts and statements for at least three years. If you are audited, the IRS reserves the right to review tax returns filed during what is known as the period of limitations, which is generally the past three years from the date you filed your most recent tax returns.
Under Federal law, there is a time restriction on how long the IRS has to collect unpaid taxes. This time restriction is most commonly known as the statute of limitations. For most cases, the IRS has 3 years from the date the return was filed to audit a tax return and determine if additional tax is due. After the IRS determines that additional taxes are due, the IRS has 10 years to collect unpaid taxes. Most taxpayers can rest assured that after 3 years, it is highly unlikely that the IRS will attempt to audit them and assess additional taxes against them. However, there are certain exceptions to these rules.