Are my bank statements valid proof of expenses when doing my 2006 IRS taxes?

Question

Can I use them as proof in case of an IRS audit instead of actual paper receipts?
Example of expenses might be medical expenses, gas charges, rent payments, phone bills, purchases, etc....etc.

Answer 1

your bank statement is a statement from your bank showing the status of your account, how funds come in and go out, you will still need the necessary receipts and invoices to present to IRS in case you are audited. Your bank statement is not a justification for the expenses you incurred.

Answer 2

My bank statements only show WHERE i spent money. The IRS wants to know WHAT you spent the money on. Unless your statements are more detailed, I doubt they will be enough.

Answer 3

Only if it's itemized, yes.

I use my end of year summary from Capital One this way, but it is categorically itemized, and it has to be this way, it should be obvious to anyone who looks at it what money went where.