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  #1  
Old 10-24-2012, 07:49 PM
DannyLot DannyLot is offline
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Write off on taxes used tools?

Anybody know if its possible or if anyone does it... Writing off tools you bought on Craigslist or used from some in cash ?
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  #2  
Old 10-24-2012, 07:53 PM
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cgaengineer cgaengineer is offline
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New or used, it's a company purchase.
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  #3  
Old 10-24-2012, 07:59 PM
DannyLot DannyLot is offline
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Quote:
Originally Posted by cgaengineer View Post
New or used, it's a company purchase.
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But if you pay cash let's say for a used mower for 2 grand off Craigslist how do I prove it if I get audited ??
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Old 10-24-2012, 08:03 PM
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grandview (2006) grandview (2006) is offline
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Quote:
Originally Posted by DannyLot View Post
But if you pay cash let's say for a used mower for 2 grand off Craigslist how do I prove it if I get audited ??
Make up your own ,just don't go crazy with it.
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  #5  
Old 10-24-2012, 08:04 PM
RussellB RussellB is offline
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Quote:
Originally Posted by DannyLot View Post
But if you pay cash let's say for a used mower for 2 grand off Craigslist how do I prove it if I get audited ??
Bill of sale. You can get it motorized at a bank for free.
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Old 10-24-2012, 08:05 PM
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grandview (2006) grandview (2006) is offline
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Bill of sale. You can get it motorized at a bank for free.
I prefer walking.
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  #7  
Old 10-24-2012, 08:01 PM
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Landscape Poet Landscape Poet is offline
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Quote:
Originally Posted by cgaengineer View Post
New or used, it's a company purchase.
Posted via Mobile Device
This is correct. I would advise having a receipt though just in case even though it is cash to prove amount of purchase for deduction.
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  #8  
Old 10-24-2012, 08:05 PM
DannyLot DannyLot is offline
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This is correct. I would advise having a receipt though just in case even though it is cash to prove amount of purchase for deduction.
I agree but your stand Joe Shmoe landscape guy prob isn't gonna wanna give me a receipt or really care ? Any other options ? Just tryn to keep track an right off as much as I can an take advantage of it you know
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  #9  
Old 10-24-2012, 08:44 PM
RussellB RussellB is offline
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Originally Posted by DannyLot View Post
I agree but your stand Joe Shmoe landscape guy prob isn't gonna wanna give me a receipt or really care ? Any other options ? Just tryn to keep track an right off as much as I can an take advantage of it you know
If he won't give you a bill of sale I'd be concerned about the machine being HOT. If so, I wouldn't want it.
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  #10  
Old 10-24-2012, 09:42 PM
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Landscape Poet Landscape Poet is offline
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If he won't give you a bill of sale I'd be concerned about the machine being HOT. If so, I wouldn't want it.
That would be a very valid concern. Remember if a pawn shop purchases a stolen piece of equipment, the police can remove that equipment from them without providing income to replace that which was lost from the purchase, if they can do that from a Pawn shop.. they can do it from you. If a deal seems too good to be true especially I would be concerned. With that all said there are deals to be had this time of year on CL because everyone thinks they are going to be the next big LCO and fail because they fail to understand business and how to manage it.
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