Claiming used items??

Do you buy items from yard sales, fb swap and shop pages, online classifieds, from friends/family etc? Do you get a receipt for each individual purchase? What if it's a yard sale buy?

I buy a lot of my items used as I like the prices better and I like to recycle things like toys and such. In the past I have gotten receipts for big purchases but didn't claim the little things....even though they would have added up to a lot! Last year I kept a detailed list of the little buys ($5-$20ish) I bought and how much I paid but didn't get receipts. I was just going to use that for tax purposes but am not sure that will be sufficient? I don't have the paper handy for the exact amount but it's around $500 worth so I'd like to claim it. What would or what do you do?

This is my first year in business so I don't know if it is the right way to do it but when I buy anything used I write myself a receipt in a receipt book with the price, what it was, where it was purchase and put the address of purchase.

If the tax people want to audit they are welcome to go to the address and inquire. I would guess they won't bother.

That is a good idea to write the address down Lee-Bee. The are times I have had items dropped off or we meet in a parking lot so that wouldn't always work for me. I get them to sign a receipt I write up for big items but it's all the little purchases I make that I never get receipts for.

I'm a CCPRN member and in their handbook they suggest to write yourself a receipt if you can’t get one from the other party. That’s what I've been doing. I've also been keeping a copy of the email from the person that states the item, price, address just to cover myself.

Thanks Purple Bunny! So do you just write out a receipt but have no signature?