Question for the accountants

[VMan]

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.

 

[taxgenius]

Will you get a receipt from the seller?

 

[Connemara]

I have reported you to the IRS.

 

[Mark from Plano]

Originally Posted by Connemara

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.

 

[VMan]

Originally Posted by taxgenius69

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.

 

[taxgenius]

Originally Posted by VMan

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?

 

[duration]

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.