The Green Industry's Resource Center

DannyLot · #1 10-24-2012, 07:49 PM

Anybody know if its possible or if anyone does it... Writing off tools you bought on Craigslist or used from some in cash ?

cgaengineer · #2 10-24-2012, 07:53 PM

New or used, it's a company purchase.
Posted via Mobile Device

DannyLot · #3 10-24-2012, 07:59 PM

Quote:

Originally Posted by cgaengineer

New or used, it's a company purchase.
Posted via Mobile Device

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 ??

Landscape Poet · #4 10-24-2012, 08:01 PM

Quote:

Originally Posted by cgaengineer

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.

grandview (2006) · #5 10-24-2012, 08:03 PM

Quote:

Originally Posted by DannyLot

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.

RussellB · #6 10-24-2012, 08:04 PM

Quote:

Originally Posted by DannyLot

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.

DannyLot · #7 10-24-2012, 08:05 PM

Quote:

Originally Posted by Landscape Poet

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

grandview (2006) · #8 10-24-2012, 08:05 PM

Quote:

Originally Posted by RussellB

Bill of sale. You can get it motorized at a bank for free.

I prefer walking.

cgaengineer · #9 10-24-2012, 08:08 PM

A bill of sale is all you need.
Posted via Mobile Device

macgyver_GA · #10 10-24-2012, 08:41 PM

Keep a copy of the ATM receipt from when you withdrew the cash. make a bill of sale or keep the copies of communication with the seller. Then just keep that with your tax records. Maybe also take a picture of your piece of equipment. I've purchased two mowers off craigslist (my 36 WB and my tru-cut reel). I bought my edger off there too.