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n2art2002 | Should I provide the irs my bank statements for 2007? |
I recently got a letter in the mail to be audited. I don't have all my receipts on the items that I claimed on my tax return due to moving and a lot of my forms got thrown away. I tried to contact people for invoices but I had no luck. I decided to get my bank statements (because nearly all my payments were done with my check card). Of course the items are there and I am tempted to just give the IRS rep the bank statements for the entire year with the items purchased highlighted but if I do will I be providing the IRS with too much information about myself? If I should not provide my entire year bank statements how else can I document my purchase for a write off?
Additional Details
The items that were purchased were tools. My husband is a mechanic and the items are from a tool company. Two of them are checks but the others purchases are from checkcards. I can provide the checks but the checkcard purchases on the statement have the company name on them. |
 |
 
ami
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I don't see why giving them your bank statements wouldn't work. Currently I am working for a specialty practice and often, the clients ONLY have bank statements as verification that they paid anything at all! Suffice it to say ALL of our clients are corporate clients/returns and their bookkeeping is an absolute mess! (We are talking about criminal/tax fraud cases. That probably doesn't apply to you) As long as you are willing to go through them, highlight them and itemize exactly who you paid and for what, that should be sufficient. Why have you not been able to get invoices? If the IRS really wanted to, they can track down all of your vendors to verify they even exist. And don't worry about giving them "too much information". They're the government....they already have too much information....it's called "social security numbers"..... |
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winterknight72
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I agree with Helen, your screwed sorry.
Good luck, hope it works out ok. |
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Helen, EA in PA
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Your bank statements will not work. Either you have the receipts or you don't get the expense.
After all, what you may know that you got office supplies at Wal-Mart for $xxxx, there is nothing on your bank statement that says what you bought and the IRS will take it as a personal expense.
Helen, EA in PA |
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Judy1
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If they wanted your bank statements, they could get them.
Your bank statements aren't going to prove what the purchases were for, so probably won't be accepted as proof for the writeoffs. But you can give it a try. |
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travelguruette
 |
You must provide the actual receipts that detail the purchase. |
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Charles G
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All you can do is try. You are worried about giving the IRS too much information, the reality is that you are not giving them enough (namely, receipts).
If the IRS really wanted to, they could get the information from the bank,anyway. They probably don't want to.
Give them the story that the receipts were destroyed. They might not buy it, but they might. |
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xtraheavy01
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If you can identify the charges on your bank statement, approach the bank and see if they can provide further documentation. If not and the charges are directly reported on the statements, that may help you in identifying to the vendor and they may be able to provide you the documentation to support the charge.
As a general rule, just provide IRS with the support for the deductions taken. Don't give more then is necessary.
Try not to miss their deadline to submit the documentation.
If you need more time, just call and let them know and follow up with a letter to confirm how much time they agreed to..
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v b
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1. Try it.
2. If the ONLY thing the company sells is mechanic tools and all have roughly the same useful life, you *might* get away with it. |
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