Hi,
Over the past year i had incurred many expenses which are tax deductible. Lost most of my reciepts in a fire. I however have obtained the annual bank and credit card statements for the past year.
Will the bank and credit card statements work as acceptable reciepts in place of actual reciepts from the POS Terminal/sales clerk?
Yes you can reconstruct your recordsthis is allowed by IRS. Just make sure that everything is noted what the expense was for and the date and the amount.
November 22nd, 2008 at 12:59 am
Yes, as long as you can prove the expense, the credit card statement will be just fine as long as there is enough detail to show what was purchased and not just an amount of the purchase.
References :
November 22nd, 2008 at 1:19 am
no.
just because you bought something at lowes, doesn't mean it was for the house. it could be wood you used to build a cross and burn it in your neighbors ft yard.
unless you can produce duplicate receipts you can't prove a thing.
however. claim it and make the irs come to you to dispute it. just make sure it's legit and you have nothing to worry about.
References :
November 22nd, 2008 at 1:31 am
Yes you can reconstruct your recordsthis is allowed by IRS. Just make sure that everything is noted what the expense was for and the date and the amount.
References :