Write off on taxes used tools?

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

  1. RussellB

    RussellB LawnSite Fanatic
    Messages: 8,746

    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.
  2. jsslawncare

    jsslawncare LawnSite Bronze Member
    Messages: 1,673

    Tax advice given on LS. I just love it! We should have all been accountants.
  3. CLS LLC

    CLS LLC LawnSite Senior Member
    Messages: 487

    I usually try to get a bill of sale, I also started printing the craigslist ad to keep with my records as well. Can a craigslist ad be forged, of course, but I think in most cases it would suffice, given the ad date, bank transaction date, and purchase date all would coincide.
  4. Shawn S

    Shawn S LawnSite Member
    Messages: 87

    I simply print the ad and use that as my receipt. If you want more than that have the seller print the price, their name, and sign it and that would be a pretty good receipt too.
  5. Landscape Poet

    Landscape Poet LawnSite Gold Member
    Messages: 3,638

    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.
  6. Duekster

    Duekster LawnSite Fanatic
    from DFW, TX
    Messages: 7,961

    Document as well as you can and take the deduction. The worst that can happen is they do not allow it which is where you started.
  7. Darryl G

    Darryl G Inactive
    Messages: 9,500

    Bill of sale...typically the seller provides that but you can bring your own for them to sign. You should be able to find a simple generic one on the internet. Names and address of both parties, purchase price and terms (i.e. as-is), make, model, serial # and signature lines with dates. That's just off the top of my head.
  8. 32vld

    32vld LawnSite Gold Member
    Messages: 3,983

    All Joe Shmoe has to do is get a sheet of paper, write the serial no. down, date of sale and the amount paid/received.

    If Joe won't do that then Joe is selling a stolen mower. There is nothing for Joe to fear giving the buyer a receipt.
  9. 32vld

    32vld LawnSite Gold Member
    Messages: 3,983

    Ad will be useless because ad's do not have serial no.'s.
  10. OakNut

    OakNut LawnSite Platinum Member
    Messages: 4,104

    I did this for a piece of equipment I paid $400 for. I never thought to ask for a receipt and when the tax lady was asking about purchases, I mentioned it and the fact that I didn't have a receipt - I mentioned the CL ad printout I had and she said it wasn't ideal, but should suffice if anyone questioned it.

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