Expert: Don Sadler - 7/11/2006

Question
how long do you keep car insurance policies and premiums in case you are audited, or any other bill for that matter

Answer
Although I am NOT a tax expert, I can provide ytou with some information on this that I obtained from the IRS website - I will provide all the links at the end of this.

There is not a specific answer to your question but because the length of time you need to hold records depends on the purpose for which you might need them.  For example, if there is an allegation of a fraudulent tax return then you must keep records until it is resolved - no limitation.  I know, this is not as specific as you would like but it is the best I can offer.

In general, this is what the IRS says...

"You must keep your records as long as they may be needed for the administration of any provision of the Internal Revenue Code. Generally, this means you must keep records that support items shown on your return until the period of limitations for that return runs out.

The period of limitations is the period of time in which you can amend your return to claim a credit or refund or the IRS can assess additional tax."

The quote above came from Publication 552, Recordkeeping for Individuals which can be downloaded at
http://www.irs.gov/pub/irs-pdf/p552.pdf

or you can read it on-line at
http://www.irs.gov/publications/p552/

Keeping good records is discussed at
http://www.irs.gov/newsroom/article/0,,id=105111,00.html

What Tax Records Should I Keep? is at
http://www.irs.gov/individuals/article/0,,id=96820,00.html

As a matter of general interest that could have an impact on your record keeping... take a look at:

Did you know that there are events in life that may have a significant tax impact?
http://www.irs.gov/individuals/article/0,,id=121557,00.html

Hope this helps.