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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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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, 08:01 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.
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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.
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  #5  
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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  #6  
Old 10-24-2012, 08:04 PM
RussellB RussellB is online now
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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
DannyLot DannyLot is offline
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Originally Posted by Landscape Poet View Post
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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Old 10-24-2012, 08:05 PM
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Bill of sale. You can get it motorized at a bank for free.
I prefer walking.
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  #9  
Old 10-24-2012, 08:08 PM
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cgaengineer cgaengineer is offline
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A bill of sale is all you need.
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  #10  
Old 10-24-2012, 08:41 PM
macgyver_GA macgyver_GA is offline
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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.
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