|
How do I determine the cost of my products for tax purposes if I forget how much they were in the first place?
My husband and I have collected antiques for many years, mostly small items that could easily be sold on eBay. The problem is that I don't remember how much I paid for most items. How do I determine the cost of these for tax purposes?
|
|
|
You should have receipts from your purchases that can substantiate your cost. Contact the vendors and see if they have receipts. Otherwise, visit with your personal tax professional for more advice.
Pam Newman is a Certified Management Accountant, author and Certified QuickBooks ProAdvisor for Financial and Point-of-Sale software. She is also president of RPPC, Inc., which provides customized business development services.
|
More Questions from Finance & Accounting
|
|
