They are coming for you

[johnwhiplash]

What about that old Coke bottle you sold last week? The one you picked up at a flea market 4-5 years ago. Where's  the receipt? You will need to prove how much you paid for it.

[mr_lincoln]

@johnwhiplash   Doubtful ... 

[heckofagame]

I shred all my paperwork. They can't prove a thing.

[dhbookds]

Suggest you READ up as to how report on income taxes rather than spread false information...............

[house*of*paws]

Hi @johnwhiplash 

When I was audited MANY years ago ... when I was a student (and NOT a seller) ... the IRS was accepting 'hand-written records' in lieu of certain receipts.  If you looked like you kept regular records of costs and expenditures ... it was accepted.

The audit actually was a very interesting experience ... and not at all terrifying ... but, then, I was very young.   *sigh*   [Even though I ended up writing a check for a few dollars (<$5) ... I must have done okay, as I was never audited again.]

To anyone having the 'They are coming for you!' nightmares ... I STRONGLY recommend you speak to a tax accountant at least once.  Ask THEM what records you need to keep to be in compliance with current laws.  I'm sure it will ease your minds, rather than terrify you. 

[mr_lincoln]

@house*of*paws   On a side note, the "sky has fallen" so many times around the world that we're all living in the clouds and don't even know it ... 

Mr. L

[caldreamer]

EBAY partnered up with TaxAct.com which gives "free advise" to EBAY sellers on how to handle everything related to taxes (including your problem).

EBAY put out a seller notice about TaxAct on 8/11 you may want to check it out.

[joseh1445]

Who is coming?  What Coke bottle?  What are you talking about?

[onefootflipper]

Hand written records are absolutely fine.  They are no less legitimate than any other source and in many cases are the only possibility. What the IRS is looking for is that you do keep records in a regular manner and that your numbers seem to be relatively normal for your industry.

When the vendor who owns the arcade game takes the quarters out how does the IRS know how many were inside by anything other than his hand written records? When the guy at the baseball card shop pays you $300 for your collection how does the IRS know about it other than either his own records. Heck, at any given moment I usually own a cash register and certainly own several printers, it isn't like having a cash register spit something out makes it more valid if it isn't.

From what I understand the IRS doesn't particularly like to audit people in our sort of business because even if they do catch someone cheating they will spend more money on the audit then the audit will produce in taxes.

[jman0312]

Are you saying the user wont have to pay "income"(haaaa) taxes on the coke bottles next year? The user is saying it's very sad that he will be.

[dnasilver]

Really?

[onefootflipper]

Ironically, you know who almost certainly isn't paying taxes or keeping records? The flea market vendor you got the coke bottle from in the first place. 

[ci1000]

So...  enough already... I've seen this thread before?

Over and over with the fear mongering! (the action of deliberately arousing public fear or alarm about a particular issue.)

[traditonalproducts]

it can from my dad's estate.

[lakefor94]

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@johnwhiplash wrote:

What about that old Coke bottle you sold last week? The one you picked up at a flea market 4-5 years ago. Where's  the receipt? You will need to prove how much you paid for it.

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You only need a receipt or documention for deductions.

I only file deductions for which I have receipts. Taxes are not rocket science.