IRS Publication 552 - Recordkeeping For Individuals
Definition of 'IRS Publication 552 - Recordkeeping For Individuals'
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 'IRS Publication 552 - Recordkeeping For Individuals'
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.