Question About Claiming Garage Sale Purchases For Taxes

[TheGoodLife]

Can anyone help me as to how to keep records of purchases made at garage sales? I bought a LOT of items (toys and some furniture) right before I started-up. Since garage sales are usually done only in cash, can I just show record of the cash withdraws I made so I can claim for taxes this year? Or am I out of claiming these purchases? Thanks in advance!

[TomCopeland]

Garage sale

You certainly can deduct expenses for items purchased at garage sales. Write a note that contains: date of purchase, item purchased, cost of item, address where purchased. Then take a picture of it for your files.


Join me for a webinar “2012 Tax Changes: How to Avoid Mistakes on Your Tax Return” Tuesday, February 12th at 8:30-10:00pm Eastern Time. The cost is $25 (100% tax deductible!). To register: http://events.r20.constantcontact.co...&llr=yatrx4cab