Hey guys, new to business and new to this forum!
I sell collectibles, they gain value through the years. Recently, I decided to make it a business. So my inventory is a mixture of new goods and personal goods that were bought a long time ago. What do you do when you sell something that was purchased so long ago that you have no receipt for it? But you do recall how much it cost you.
Can you still deduct base on memory, or is this a case of in which I should not deduct? Say I sold for $600, and I bought for $300. I don't have the $300 receipt, but what if I can show advertisements for that piece that showed it was $300 when it was first in the market?
So basically, what I like to know is... are we proving "WE" bought it? Or, are we proving its value? Because like I said, through advertisements, internet links, I can prove what they cost a long time ago.
But if I have to prove that I actually bought it through receipts, then that'll be hard. Please advise, thank you for your time.
I sell collectibles, they gain value through the years. Recently, I decided to make it a business. So my inventory is a mixture of new goods and personal goods that were bought a long time ago. What do you do when you sell something that was purchased so long ago that you have no receipt for it? But you do recall how much it cost you.
Can you still deduct base on memory, or is this a case of in which I should not deduct? Say I sold for $600, and I bought for $300. I don't have the $300 receipt, but what if I can show advertisements for that piece that showed it was $300 when it was first in the market?
So basically, what I like to know is... are we proving "WE" bought it? Or, are we proving its value? Because like I said, through advertisements, internet links, I can prove what they cost a long time ago.
But if I have to prove that I actually bought it through receipts, then that'll be hard. Please advise, thank you for your time.
via Small-Business-Forum.net http://ift.tt/LlUx3F
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