What Happens if You Don't Have Receipts for Deductions?

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ABOUT JASMINE DILUCCI, JD, CPA, EA

Jasmine DiLucci has specialized in tax since high school when she first became licensed to represent taxpayers before the IRS.

Now as a tax attorney and CPA, she works with individuals and business owners across the nation to on Tax Planning, CFO Advisory, and IRS Tax Resolution

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Disclaimer: This information on this channel is for educational purposes only and does not constitute professional legal or tax advice.

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I like that you highlighted someone whos right!

rmpcop
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The "using their brain" part went pretty hard and it seemed personal 😂

Exileoh
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I've got a lot of friends working at the IRS. Love this channel.

antoniobrasse
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Auditors used to deny credit card statements as supporting evidence until recently.

pasav
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Paying with cash doesn't mean no receipt unless someone is playing it fast and loose with taxes. Always ask for a receipt. It is also a way to protect against claims you still owe money etc.

Nibinin
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I had solar installed right at the end of the year and i stayed on the company big time to make sure i got an invoice with the proper date in case i had to prove it fit the solar credit on my taxes.

SomeGuyFromUtah
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I still get a receipt. I'll pull out a piece of paper. The roofer is bonded, they know how to sign. I still get receipts from cash work because I'm still writing it off.

If you're getting the "buddy" discount, don't write it off then.

mistermyself
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How does someone pay for a new roof and not be bothered to get a receipt, yet alone a contract?

lukerinderknecht
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You are correct. There is a certain cost/benefit they consider as well.

deltaecho
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I work in appeals for an insurance company, and every single time I hear a complaint about anything, I immediately say: go to appeals. Seriously, find out what you need to do to go appeals - each company/agency has their own process (my company will accept emails, and some only accept handwritten mailed letters - I've gotten notebook paper that only says the word "appeal" 😂 and had to do extensive research to figure out what may even be the problem - please don't be that person). We typically have more time than auditors, are less stressed out, we've seen everything, and have the ability to use our brains (logic)! Some agencies or companies only allow two appeals. Some allow three or more, but if you aren't happy after the first appeal, appeal again, and someone completely different will have to review the case. I work 2nd appeals all the time. Every case is different, just like every person is different.

bethannybiscuits
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Had a guy I was helping with an audit. He sold his work building one year and added millions of dollars to the basis the year he sold it. Guy said he paid everything in cash. I was able to get the agent to sign off on 70% of it by referencing appraisals from two different periods which detailed the property and made it clear that a lot of the improvements had been made. They did knock some off for depreciation that was allowed but not taken.

cuzzourt
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I am taking notes and taking pictures!!!

BrandonMeeker-qwof
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This is a great channel. Well done! 👏🏼👏🏼👏🏼👏🏼👏🏼👏🏼👏🏼

mossyoak
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I assume it goes without mentioning that this is only true for real estate property and not someone's home, right?

errolm
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Anyone can write out their own receipt for anything. If you buy a car from me in my driveway, I can write a receipt. I can write a receipt on any piece of paper. If a plumber does work in my house and does not give me a receipt, I can write a receipt myself. You can write out a receipt in front of a IRS agent right there on the spot. And the IRS has to accept that receipt.

Lamont
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With the way people try to deduct everything under the sun in their taxes, im not surprised that an auditor's initial instinct is to deny everything. I just wish it wasn't so dang inconvenient

GH-Rav
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Most businesses don’t save receipts; it’s damn near impossible. Send an employee to get something and guaranteed they lost the receipt. The irs is only there to screw you out of your money.

bryanp
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Who is she? I want to follower her bc Btwn the 2 of you that is a good start for me to learn

MrzGodivaCouture
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“Because at that part they typically start using their brain”. The inefficiency in so many areas of government blows my mind.

just.keep.moving.
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Love your knowledge you saved me so damn much😊

cardinalsystemGood
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