Using Credit Card Statements for Sales Tax Deduction?
| Date Posted: Jan/30/2011 9:43 PM Posted By: RedGTP Rank: MemberMy online credit card statements show the retailer, location, and total purchase price. Would the IRS see this as a sufficient record for the sales tax deduction? Thanks! |
| Date Posted: Jan/30/2011 9:43 PM Posted By: WikiPost Rank: New MemberQuick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message. |
| Date Posted: Jan/30/2011 10:02 PM Posted By: crhptic Rank: Senior Member 1KI wouldn't think so, because different items are taxed at different rates in most states (i.e. some states don't tax food at all or tax it at a lower rate, etc.) and the credit card statement doesn't prove WHAT you bought, only where you went. I suppose if you're trying to document one large purchase (e.g. a vehicle and you have credit card stmt showing a huge charge from the dealer) you MIGHT be able to argue it if asked - but I would imagine if you purchased a vehicle you would have some other paperwork besides a credit card statement. |
| Date Posted: Jan/30/2011 10:30 PM Posted By: lonestarguy Rank: Enthusiastic MemberDefinitely no, you need receipts. As crhptoc said, there are items that are exempt from sales tax such as food, clothes, school supplies, etc. Remember, you can use online receipts like those from your cable, gas, electric bills etc. You can also just use the table amount and then add in sales tax from cars, boats and "major" home improvements. |
| Date Posted: Jan/31/2011 8:29 AM Posted By: RedGTP Rank: MemberGood Point... However, my end of year AMEX summary breaks down the charges such that I could eliminate groceries and pharmacy items that are exempt from sales tax in Texas. I plan on saving all my receipts this year as a backup and then just using the summary for the calculation. However, I could claim an extra deduction for 2010 as well if I was comfortable they would accept the online statements showing that it was a taxable category and the location of purchase(and therefore the tax rate). |
| Date Posted: Jan/31/2011 9:39 AM Posted By: crhptic Rank: Senior Member 1KRedGTP said:
That's true, but even if you eliminate all purchases from food and drugstores, the summary doesn't prove you bought only taxable merchandise everywhere else. You really should have actual receipts showing what items were purchased. |
| Date Posted: Jan/31/2011 11:38 AM Posted By: lonestarguy Rank: Enthusiastic MemberI found that the table is often more generous than what I add up with all of the reciepts. How does it match in your case? I tend to eat at home a lot and purchase items online. |
No comments:
Post a Comment