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Virginia Administrative Code
Title 23. Taxation
Agency 10. Department of Taxation
Chapter 20. General Provisions Applicable to All Taxes Administered by the Department of Taxation
12/21/2024

23VAC10-20-90. Retention of records by taxpayer.

A. Generally. Every taxpayer must retain suitable records and documents substantiating all information contained on any return for any tax administered by the department. Such records and documents shall be preserved for a period of three years from the required date for filing a return to which such records or documents pertain. If an extension of the date for filing a return has been granted such records and documents shall be preserved for a period of three years from the extended date.

B. Net operating loss deductions. When an income tax return contains a net operating loss deduction, the records and documents pertinent to such return shall include:

1. The return for the year of the loss with supporting records and documents, and

2. The returns for all years to which any portion of the loss has been or could have been carried under federal law together with the supporting records and documents for such returns.

Statutory Authority

§58.1-203 of the Code of Virginia.

Historical Notes

Derived from VR630-1-102, eff. January 1, 1985, with retroactive effect according to § 58.1-203 of the Code of Virginia; amended, Virginia Register Volume 25, Issue 11, eff. March 4, 2009.

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