Posted by Dave T on November 13, 1999 at 21:37:08:
Did you investigate the five responses you received? Did you take any of the suggestions you received to your tax advisor? If so, what were you advised to do? If not, why – what didn’t you like about the responses to your earlier post?
TAX TAX TAXES - Posted by Fred
Posted by Fred on November 13, 1999 at 20:28:24:
Hello out there,I once before placed a message on the board about my possible up coming problem with my taxes. I received five responses in two days from you all out there,and I would like to say thanks a million.BUT,I am still trying to find my way out of what seems like the back swumps of Lousiana and I don’t know if I’m going to be bit or shot. The way my message was conveyed must have had you all looking at you screen as if you were trying to find the old woman in the young woman of a 3D allusion. What my problem seems to be is that I used myself and others to do a couple of rehabs. The others were payed cash straight out of my pocket with no receipt,check stub,or hand written note. So when I file taxes this year,if I file taxes this year IRS is going to use my tax return in a trainee class. What do I do to account for the money I used to pay the others? They are long gone and I’m just hoping I can claim,the missing fund as though I was payed all that money or something. The bottum line my fellow real estate investors on line is that I need salutions,advice,opinions,prayers,creative ideas,or just plain help I would highly appreciate it.
Re: TAX TAX TAXES - Posted by Steve Heller
Posted by Steve Heller on November 14, 1999 at 08:32:31:
You probably need to document what work was done with other receipts, pictures or other witnesses. For example, you paid for new sub flooring and have a receipt. Just show the IRS the receipt, along with pictures and other witnesses testmonials about the work. This is if you ever get audited, which is not very likely in the first place.