No receipts for yardsale or fleamarket items

Discussion in 'Tax' started by Kathrin, Jun 21, 2005.

  1. Kathrin

    Kathrin Guest

    << 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.

    << ------------------------------------------------->>
    << The Charter and the Guidelines for submitting >>
    << messages to this newsgroup are at www.asktax.org >>
    << Copyright (2005) - All rights reserved >>
    << ------------------------------------------------->>
     
    Kathrin, Jun 21, 2005
    #1
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  2. 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. >>
    << ======================================================= >>
     
    Harlan Lunsford, Jun 22, 2005
    #2
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