How long do firms need to keep your trading records?

Discussion in 'Prop Firms' started by wilburbear, Feb 10, 2006.

  1. I may need to look back at my past volume. How long are brokers required to keep your trading records?

    3 years? 5?
  2. I know that Goldman keeps records going back 5, but I think they go back 7 or more for IRS purposes. However, volume records aren't IRS requirements (as far as I've ever heard). It does cost a bit to retrieve records.

    Sorry I can't be of more help...

  3. Mediocre

    Mediocre Guest

    For what it's worth, if you are audited by the IRS, they will request 3 years of records. However, if they suspect fraud, they will ask for up to 6 years.
  4. As far as IRS is concerned:

    max 3 years unless there is a substantial understatement of income (25% or more), then max is 7 years

    If fraud is alleged, there is no time limit.