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New Member
posted Jan 19, 2021 6:41:48 AM

What if i don't have receipts but have my bank statements as proof of purchases

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1 Best answer
Expert Alumni
Jan 20, 2021 9:20:35 AM

Yes. You can use your bank statement as proof of purchases.  

 

If you do not have your receipts, you may be able to document the purchase in another manners such as bank or credit card statements, cancelled checks, or any other method to substantiate the deduction.  

 

It is advisable to have documentation of any expense/deduction that you claim on your income tax return, in case the IRS requests proof of the expenditure.  Even if you do not have proof of the purchase, you can claim the expense.  Just be aware that if there is an IRS audit, they may disallow your deduction without written proof.  

 

 

 

 

1 Replies
Expert Alumni
Jan 20, 2021 9:20:35 AM

Yes. You can use your bank statement as proof of purchases.  

 

If you do not have your receipts, you may be able to document the purchase in another manners such as bank or credit card statements, cancelled checks, or any other method to substantiate the deduction.  

 

It is advisable to have documentation of any expense/deduction that you claim on your income tax return, in case the IRS requests proof of the expenditure.  Even if you do not have proof of the purchase, you can claim the expense.  Just be aware that if there is an IRS audit, they may disallow your deduction without written proof.