Write off on taxes used tools?

Discussion in 'Business Operations' started by DannyLot, Oct 24, 2012.

  1. DannyLot

    DannyLot LawnSite Member
    Messages: 48

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

    cgaengineer LawnSite Fanatic
    Messages: 15,777

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

    DannyLot LawnSite Member
    Messages: 48

    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 ??
     
  4. Landscape Poet

    Landscape Poet LawnSite Gold Member
    Messages: 3,638

    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.
     
  5. grandview (2006)

    grandview (2006) LawnSite Gold Member
    Messages: 3,465

    Make up your own ,just don't go crazy with it.
     
  6. RussellB

    RussellB LawnSite Fanatic
    Messages: 7,207

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

    DannyLot LawnSite Member
    Messages: 48

    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
     
  8. grandview (2006)

    grandview (2006) LawnSite Gold Member
    Messages: 3,465

    I prefer walking.
     
  9. cgaengineer

    cgaengineer LawnSite Fanatic
    Messages: 15,777

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

    macgyver_GA LawnSite Senior Member
    Messages: 826

    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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