2007-02-14 11:02:52 · 6 answers · asked by Lord Vader 2 in Business & Finance ➔ Taxes ➔ United States
The standard deduction does not require a receipt. This year only, the telephone tax credit does not require documentation if you claim the standard amount.
2007-02-14 12:57:37 · answer #1 · answered by STEVEN F 7 · 0⤊ 2⤋
You're on the hook to produce the receipts for an audit if you itemize and take deductions. It's a question of risk vs. reward.
Could you talk to some of the places that would have provided you a receipt and see if they could make a duplicate?
2007-02-14 19:07:22 · answer #2 · answered by Brad L 4 · 0⤊ 0⤋
Ha! Almost nothing. Really the IRS puts much of their trust in proof of expenditure, they want proof that you spent money on things that are deductible. If it is Medication you can get the reciept from the pharmacy...so on. If it's not legitimate you can't use it. It's not legitimate without a reciept. Simple as that. It says in the bible to not be slothful in business and this is why. Laziness and not taking the time and effort to save these things cost you in the end. A lesson learned the hard way is usually one you remember for next time. So sorry.
2007-02-14 19:10:54 · answer #3 · answered by MISS-MARY 6 · 0⤊ 0⤋
Any deduction you take, you must be prepared to produce a receipt in case they request them. So really, you need to have receipts for your deductions.
2007-02-14 19:29:59 · answer #4 · answered by LaLa 6 · 0⤊ 0⤋
Nothing, you need to have proof of your deductions. Mortgage interest statements, property tax bills, reciepts fo charitable contributions, If you don't have proof you can not take the deduction.
2007-02-14 19:09:20 · answer #5 · answered by Rob 7 · 1⤊ 0⤋
Pretty much everything if you are not audited and pretty much nothing if you are.
2007-02-14 19:06:44 · answer #6 · answered by Akbar B 6 · 1⤊ 0⤋