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Do I need receipts for school supplies or can I just use my bank statement

Forum|Forum|7 years ago
June 1, 2019
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for a computer

TurboTax Free Edition Online

Best answer by GeoffreyG

Presumably this computer you are asking about is one that was purchased for school, yes? If so, then for purposes of the educational tax credits (and the Internal Revenue Service requirement that taxpayers keep documentation and proof in the unlikely event of an audit), you may simply use your bank statement, as long as it shows the correct dollar amount and the vendor's name. You wouldn't need to keep the original sales receipt.

For example, a bank or credit card statement that says "Computer Retailer XYZ, $350.99, 01-15-2016" would be more than sufficient to meet the IRS recordkeeping requirements.

It's really the amount that's important to know, as well as being able to satisfactorily answer the question: Could I prove the transaction to a stranger?

Thanks for asking this question.

G

GeoffreyGAnswer

Employee

Presumably this computer you are asking about is one that was purchased for school, yes? If so, then for purposes of the educational tax credits (and the Internal Revenue Service requirement that taxpayers keep documentation and proof in the unlikely event of an audit), you may simply use your bank statement, as long as it shows the correct dollar amount and the vendor's name. You wouldn't need to keep the original sales receipt.

For example, a bank or credit card statement that says "Computer Retailer XYZ, $350.99, 01-15-2016" would be more than sufficient to meet the IRS recordkeeping requirements.

It's really the amount that's important to know, as well as being able to satisfactorily answer the question: Could I prove the transaction to a stranger?

Thanks for asking this question.