I called Best Buy and they said since I paid cash they have no record. I know I bought it on 1/1/06 and that it was $699.99 plus tax. I had been waiting it to go down to this price for 6 weeks!!
Can I still claim it? This was a big expense for me.
NOTE: I never throw away receipts, but my in-laws had just shown up and I was in a hurry to put it together. I have a file that I keep receipts in and it's not there! So, I must've thrown it away with the packaging. I'm sick about it!
2006-07-31 15:50:47 · 6 answers · asked by Kari 2 in Business & Finance ➔ Taxes ➔ United States
Well, the best you can do is go ahead and claim it and cross your fingers for the next three years. If push came to shove, you could find out from the manufacturer when you registered the laptop, which would only really happen if you had actually purchased it. If you want to cover your bases, ask them for a letter to that effect. Tell them you're already under sudit--they might be more cooperative. Nobody likes the IRS. ;)
2006-07-31 18:19:48 · answer #1 · answered by misslabeled 7 · 0⤊ 1⤋
Where exactly did you get all that cash from? If it was a big expense for you, I'm assuming that you took the cash out of your bank account. If you did, I would simply use the withdrawal ticket as a receipt. Also, if the laptop was on sale - then there must be advertisements out there that mention its retail price. You should clip and keep a copy of an advertisement with the retail price being MUCH HIGHER than 699.99 plus tax. The IRS auditors would be more likely to accept this as an expense if you could show them that you got a really great deal on it. It would look very suspicious if the laptop retailed for $1000, and you tried to claim that you paid $1500 (esp. without a receipt).
In the future, I would recommend purchasing everything on credit card. It's a great record of your expenses and date incurred; plus it's easier to process during tax time. Good Luck.
2006-07-31 23:02:58 · answer #2 · answered by Sahara 4 · 0⤊ 0⤋
Talk to the store manager and tell him it was for a business and see if you cant get a written one for your records. If you know the date and time you bought it they should be able to look it up anyway. If nothing else keep the sale ad and the UPC code from the box your computer came in as proof of purchase and keeping the ad proves the price. Its worth trying. I have a small business too $700 might not be alot to some but for a small business it is.
2006-07-31 23:01:10 · answer #3 · answered by Mom 5 · 0⤊ 0⤋
The laptop has to be depreciated, not expensed. Paying cash for a business expense is always questionable. Fortunately, as it is a relatively low-cost PC, I'd go ahead and depreciate it anyway and let the IRS take me to task on it. $700 for a computer is just not a lot of money.
2006-07-31 23:00:45 · answer #4 · answered by szydkids 5 · 0⤊ 0⤋
It's always good to have receipts for expenses. If you don't think you're gonna get audited go for it. Not the most ethical thing to do though.
2006-08-01 03:53:02 · answer #5 · answered by Josh 4 · 0⤊ 0⤋
look back in the file and you will find it just retrace your steps and stell down some times when you are in a hurry you can over look it and yes it is part of the business expenise
2006-07-31 23:02:31 · answer #6 · answered by LENORE P 4 · 0⤊ 0⤋