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No receipts for yardsale or fleamarket items

 
 
Kathrin
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      06-21-2005, 10:29 PM
<< General Disclaimer: >>
<< The foregoing is intended for educational purposes only >>
<< and does NOT constitute legal OR professional advice. >>
<< It cannot be used by any taxpayer for the purpose of >>
<< avoiding penalties that may be imposed on the taxpayer. >>
<< ================================================== ===== >>

If I buy items on yardsales and flea markets, I will
ususally not get a receipt. So when I resell those items,
can I still claim whatever I paid for it as expenses and how
would I do that? I remember years ago in Germany you could
wright a "self-receipt" which indicated all the details of
the purchase, and it was a valid receipt. I would also like
to claim the mileage for driving from yardsale to yardsale.
Thanks.

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Harlan Lunsford
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      06-22-2005, 04:54 AM
Kathrin wrote:

>
> If I buy items on yardsales and flea markets, I will
> ususally not get a receipt. So when I resell those items,
> can I still claim whatever I paid for it as expenses and how
> would I do that? I remember years ago in Germany you could
> wright a "self-receipt" which indicated all the details of
> the purchase, and it was a valid receipt. I would also like
> to claim the mileage for driving from yardsale to yardsale.


Since I have a client in just such a situation, I could only advise
him to make a record in a little book of every item purchased and
amount paid and date. AND somewhere on same page, record the
business mileage. It's what's called a contemporaneous record,
and IRS does accept such IF of course they feel that the general
trustworthiness of the taxpayer is not called into question.

ChEAr$,
Harlan Lunsford, EA n LA

> << General Disclaimer: >>
> << The FOREGOING is intended for educational purposes only >>
> << and does NOT constitute legal OR professional advice. >>
> << It cannot be used by any taxpayer for the purpose of >>
> << avoiding penalties that may be imposed on the taxpayer. >>
> << ================================================== ===== >>


<< ================================================== ===== >>
<< The foregoing is intended for educational purposes only >>
<< and does NOT constitute legal OR professional advice. >>
<< It cannot be used by any taxpayer for the purpose of >>
<< avoiding penalties that may be imposed on the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org. >>
<< Copyright (2005) - All rights reserved. >>
<< ================================================== ===== >>
 
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