Replies

1. 
   Rich_Beckman | Feb 21, 2002 06:01am | #1

   *
   Did you get an accident report?? Do you have evidence that your truck was towed? Did the police inventory the truck at tow time?

   Do you remember anything about the pertinent papers/receipts??

   Start writing down anything that you can remember about what you spent on what. Any large purchases? The seller may be able to give you a duplicate receipt.

   It is my understanding (but I'm no accountant!) that the IRS is understanding about things like this, but documentation of what happened would be helpful (accident report, etc.). Usually it's a fire. They may wonder why you carry all of your receipts in your car...???

   Rich Beckman

1. 
   Ralph_Wicklund | Feb 21, 2002 06:04am | #2

   *Hopefully you paid by busines check for everything you had a receipt for. Look first in your check register if that wasn't also destroyed. How about your checkbook? If you think it was destroyed, RUN to your bank and tell them that is a possibility but that no checks dated after the accident are to be honored. Then open a new account.No check register? Look at your bank statements and returned checks or check copies if you get them that way. You wouldn't have kept them in your truck. Would you??

1. 
   Luke1_ | Feb 21, 2002 06:54am | #3

   *No, I dont keep my ckecks in the box. Just cash records, gas, tools and cash payments. I worked with plumber as a helper and this box idea was copied from him. There where several important cash purchases that are going to be hard to prove in that box.

1. 
   Ralph_Wicklund | Feb 21, 2002 07:18am | #4

   *Just a thought on those cash purchases... If you do business regularly at certain suppliers, especially if the receipts were for significant amounts, it's possible that you are well enough known that they will at least attempt to pull up a record of the sale and cut you a duplicate receipt. Worth a try.

1. 
   Rich_Beckman | Feb 21, 2002 07:42am | #5

   *> There where several important cash purchases that are going to be hard to prove in that box.My point is that I don'tb think(operative word there) you have to prove them as long as you can show evidence of the loss of the box. If there is no police report, call them now!Rich Beckman

2. 
   Luke_ | Feb 21, 2002 04:11pm | #6

   *There is a police report. She did alot of damage to my truck. The accident will be no trouble to prove. I just hate tax time.

3. 
   Rich_Beckman | Feb 21, 2002 06:18pm | #7

   *Oh, and it wouldn't be a bad idea to pay an accountant for an opinion on this.Best of luck,Rich Beckman

4. 
   Boss_Hog | Feb 21, 2002 06:20pm | #8

   *I'd second the thoughts that you should talk to the police i and talk to your accountant.

5. 
   Ralph_Wicklund | Feb 21, 2002 06:52pm | #9

   *Go ahead and claim the expenses. The ONLY time any questions will be raised is if you are ever audited. Usually, records older than 3 years can be tossed, so, if you aren't audited in the next three years, you are OK. I say usually because if the IRS finds a pattern of questionable practices they can go further back. Basically, we are on the honor system, with only the threat of an audit to keep most beople honest.

6. 
   Bill_Hartmann | Feb 21, 2002 08:05pm | #10

   *Ralph and the others are right.You don't need exact records, but the better that you can recreate them the better off you are. If you are audited and said that you paid out $5000 for tools with no backup you will in deep do-do.But you have a ledger list each item with the date, price, and supply the best that you can and then have some backup with records for the supply, bank or credit card then you will be in good shape.One of the problems is memory, so you want to start recreating this NOW. Go through all of your tools and try to remember when and where you go them.Go through you list of jobs during last year. Do you have to buy a new tool for that job or have extra expenses for supplies?

7. 
   FredB | Feb 21, 2002 09:57pm | #11

   *Gee another chance to plug using a Pro! Contact your local Enrolled Agent. There are specific rules for what to do under this circumstance. Follow them and other than a wee bit of paperwork it is no big deal. Don't and, well the IRS can be worse than the Mob.