How do I pay taxes on things that I sold that I purchased with cash?

2018-07-19 2:47 pm

更新1:

I have an online business on Ebay. I purchase my inventory with cash and make a pretty hefty profit on it. The problem is that I have no idea how to show my proof of how much profit I made since I don t have any receipts of the purchases that I made since i buy my inventory with cash. What can I do to pay taxes for these items that I sell online? My supplier only accepts so I don't have a choice on getting receipts.

回答 (4)

Judy

2018-07-20 12:31 pm

You track what you paid for each item.

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STEVEN F

2018-07-20 9:42 am

Contact a CPA LAST YEAR. You ABSOLUTELY MUST learn to keep proper records.
As things stand, the IRS will not dispute claiming 100% of your gross revenue as profit.

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[匿名]

2018-07-19 2:51 pm

No receipts means no deduction when audited.

When paying cash, you keep a log of what you purchased as well as proof of other expenses. You can only deduct the cost of the inventory you actually sold.

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[匿名]

2018-07-19 9:38 pm

What state?

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