Administrative Code

Creating a Report: Check the sections you'd like to appear in the report, then use the "Create Report" button at the bottom of the page to generate your report. Once the report is generated you'll then have the option to download it as a pdf, print or email the report.

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

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.

Website addresses provided in the Virginia Administrative Code to documents incorporated by reference are for the reader's convenience only, may not necessarily be active or current, and should not be relied upon. To ensure the information incorporated by reference is accurate, the reader is encouraged to use the source document described in the regulation.

As a service to the public, the Virginia Administrative Code is provided online by the Virginia General Assembly. We are unable to answer legal questions or respond to requests for legal advice, including application of law to specific fact. To understand and protect your legal rights, you should consult an attorney.