Table 4 is a summary of records you need to prove each expense discussed in this publication. You must be able to prove the elements listed across the top portion of the chart. You prove them by having the information and receipts (where needed) for the expenses listed in the first column.
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You cannot deduct amounts that you approximate or estimate. |
You should keep adequate records to prove your expenses or have sufficient evidence that will support your own statement. You must generally prepare a written record for it to be considered adequate. This is because written evidence is more reliable than oral evidence alone. However, if you prepare a record in a computer memory device with the aid of a logging program, it is considered an adequate record.
Information about:
What Are Adequate Records?
What If I Have Incomplete Records?
Separating and Combining Expenses
How Long To Keep Records and Receipts
Examples of Records
Information courtesy of the Internal Revenue Service.
