Page 59 - Keeping Business Records
P. 59
Assets – Records to keep
When and how Asset use
acquired
Purchase Price Asset disposal
Cost of any Asset Selling price
improvements Records
Sec 179 deduction Expenses of sale
taken
Depreciation Additional
documents
Proof of payment of an amount, by The following documents may
itself, does not establish you are show this information.
entitled to a tax deduction. You should • Purchase and sales invoices.
also keep other documents, such as • Real estate closing
credit card sales slips and invoices, to statements.
show that you also incurred the cost. • Canceled checks. 57
