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    fivestarfloorin's Avatar
    fivestarfloorin Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Apr 6, 2009, 12:34 PM
    Cash purchases without reciepts, can I write off ?
    Hi I have a business that is . I purchase products from an outlet that sales "seconds" on a cash basis with no receipt. How can I enter the product into my inventory and how can I expense it? Or can I even at all with no receipt. If I sale the product how do I declare the income of it?

    Thanks in advance for any help
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Jun 4, 2009, 11:57 AM
    You need to keep a ledger of your purchases, and TRY to get some type of purchase receipt for your purchases from the outlet.

    You declare the income and list the expenses on Schedule C.
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