IRS Publication 552 - Recordkeeping For Individuals

A A A

DEFINITION

A document published by the Internal Revenue Service (IRS) that provides information on which documents to keep on file and for how long, for tax filing purposes. The IRS suggests keeping accurate records in order to identify sources of income, keep track of expenses and to be able to back up information provided in the tax return. IRS Publication 552 does not indicate the method of record keeping.



INVESTOPEDIA EXPLAINS

Keeping accurate records and having those records readily accessible makes tax filing easier, and is essential for setting the appropriate cost basis for the sale of investments and property.


IRS Publication 552 outlines the type of records that individual taxpayers should keep, not businesses. Refer to Publication 583 for business record keeping.




RELATED TERMS
  1. Schedule K-1

    A tax document used to report the incomes, losses and dividends of a business's ...
  2. Form 1099-Misc

    Form 1099-Misc is a tax form that reports the year-end summary of all non-employee ...
  3. W-2 Form

    The form that an employer must send to an employee and the IRS at the end of ...
  4. Bank Statement

    A record, usually sent to the account holder once per month, summarizing all ...
  5. Eurasian Economic Union (EEU)

    An economic union created in 2014 by a treaty signed by Russia, Kazakhstan and ...
  6. Proof of Charitable Contributions ...

    Substantiation required by the Internal Revenue Service for a taxpayer to claim ...
  7. Corporate Inversion

    Re-incorporating a company overseas in order to reduce the tax burden on income ...
  8. Quantitative Easing

    An unconventional monetary policy in which a central bank purchases private ...
  9. Committee on Foreign Investment ...

    An inter-agency committee of the United States government that reviews financial ...
  10. Fiscal Policy

    Government spending policies that influence macroeconomic conditions. These ...
Related Articles
  1. 10 Steps To Tax Preparation
    Taxes

    10 Steps To Tax Preparation

  2. Surviving The IRS Audit
    Taxes

    Surviving The IRS Audit

  3. Your Financial Life: From Stressful ...
    Insurance

    Your Financial Life: From Stressful ...

  4. It's December - Do You Know Where Your ...
    Taxes

    It's December - Do You Know Where Your ...

  5. Analyzing IRA And ESA Statements
    Taxes

    Analyzing IRA And ESA Statements

  6. How does gun control policy affect the ...
    Active Trading Fundamentals

    How does gun control policy affect the ...

  7. Can I use IRS Form 1040EZ to file my ...
    Taxes

    Can I use IRS Form 1040EZ to file my ...

  8. When do I need to fill out an IRS Schedule ...
    Taxes

    When do I need to fill out an IRS Schedule ...

  9. When do I need to file an IRS Schedule ...
    Taxes

    When do I need to file an IRS Schedule ...

  10. What is IRS Form W-2 used for?
    Taxes

    What is IRS Form W-2 used for?

comments powered by Disqus
Hot Definitions
  1. XW

    A symbol used to signify that a security is trading ex-warrant. XW is one of many alphabetic qualifiers that act as a shorthand to tell investors key information about a specific security in a stock quote. These qualifiers should not be confused with ticker symbols, some of which, like qualifiers, are just one or two letters.
  2. Quanto Swap

    A swap with varying combinations of interest rate, currency and equity swap features, where payments are based on the movement of two different countries' interest rates. This is also referred to as a differential or "diff" swap.
  3. Genuine Progress Indicator - GPI

    A metric used to measure the economic growth of a country. It is often considered as a replacement to the more well known gross domestic product (GDP) economic indicator. The GPI indicator takes everything the GDP uses into account, but also adds other figures that represent the cost of the negative effects related to economic activity (such as the cost of crime, cost of ozone depletion and cost of resource depletion, among others).
  4. Accelerated Share Repurchase - ASR

    A specific method by which corporations can repurchase outstanding shares of their stock. The accelerated share repurchase (ASR) is usually accomplished by the corporation purchasing shares of its stock from an investment bank. The investment bank borrows the shares from clients or share lenders and sells them to the company.
  5. Microeconomic Pricing Model

    A model of the way prices are set within a market for a given good. According to this model, prices are set based on the balance of supply and demand in the market. In general, profit incentives are said to resemble an "invisible hand" that guides competing participants to an equilibrium price. The demand curve in this model is determined by consumers attempting to maximize their utility, given their budget.
  6. Centralized Market

    A financial market structure that consists of having all orders routed to one central exchange with no other competing market. The quoted prices of the various securities listed on the exchange represent the only price that is available to investors seeking to buy or sell the specific asset.
Trading Center