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Get your taxes done using TurboTax
In the unlikely event that you were audited, it would be best to have receipts.
I would suggest that you make a list of what was sold, an estimate of what your paid for it, and how much it was sold for.
You had to acquire the items you sold somehow, and it is reasonable to assume that you bought them.
The first question an IRS auditor will ask you is 'How did arrive at the the numbers you claimed on your return?' If you used a reasonable method, they will usually accept it.
IRS audits are expensive to the Government in terms of human resources. They don't spend a lot of time on small numbers.
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‎April 21, 2020
11:50 AM