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Question for the accountants

post #1 of 7
2/22/10 at 3:39pm
Thread Starter 
I'm buying out a good chunk of inventory from a store, and the seller will only take cash - no checks, etc.

Can I record/document this transaction in the books w/o raising red flags if I'm audited down the road? It's a decent amt of money that I'd like to be able to write off.
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post #2 of 7
2/22/10 at 4:41pm
Will you get a receipt from the seller?
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post #3 of 7
2/22/10 at 4:57pm
I have reported you to the IRS.
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post #4 of 7
2/22/10 at 5:03pm
Quote:
Originally Posted by Connemara View Post
I have reported you to the IRS.

Sheesh...give a guy a job in government and suddenly he becomes "the man". Besides, I thought that "creative tax avoidance" was a prerequisite to getting a job in government these days.
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post #5 of 7
2/22/10 at 5:08pm
Thread Starter 
Quote:
Originally Posted by taxgenius69 View Post
Will you get a receipt from the seller?

Doubtful, as I'm not purchasing the inventory directly from the store, but rather the individuals in charge of selling the excess.
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post #6 of 7
2/22/10 at 5:13pm
Quote:
Originally Posted by VMan View Post
Doubtful, as I'm not purchasing the inventory directly from the store, but rather the individuals in charge of selling the excess.

Will you get a receipt from the individuals in charge of selling the excess?
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post #7 of 7
2/23/10 at 10:15am
I purchased from plenty of dodgy places while I was a logistics/finance specialist in the armed forces. As what taxgenius69 is driving at, get a damn receipt! If you can't get it printed, get it handwritten with itemized details if possible and contact information of the seller.
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