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Updated 10 months ago on . Most recent reply
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Write off, no invoice?
I am a first-time property owner, and I just purchased a triplex; I kept the original landscaper. He doesn't send out invoices and just gets paid by zelle. How do I write that off at the end of the year, if i have no invoices?
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For materials and/or services for any of my investment properties where the contractor/person does not give me a receipt, I do one of two things:
1). I choose to jot-it down on a notebook where I keep track of my expenses. I then turn over this expense notebook to my CPA so that he can use it to offset my taxes.
2). I-if it's "big expense", I get ahead of this issue by whipping out a receipt book (you can buy one at any store like Target, Wal-Mart, Staples, Office Depot, etc) and jot down the work that was performed, materials, hours, amount of people, other expenses, etc. In short, I write down the total amount that was paid to perform the project. If possible, I may have the service provider sign-it as a "just in case".
By the way, it was my CPA that provided both ideas to me :)
- Manny Vasquez