Getting tax deductible receipts for equipment from eBay and Craigslist

[Aaron]

Greetings all,

During the last year I bought a fair amount of equipment on eBay, paying through paypal. Should I be able to print out the paypal payment information as proof of purchase to the IRS?

Also, I might be buying a new (used) upright bass from a seller on Craigslist - what is the best way to have valid, tax deductible documentation for that situation?

[Stick_Player]

Are you using ALL this acquired equipment in your business as a PRO?

If so, you can depreciate it over time - talk with your tax accountant. If you sell any of it before the depreciation runs out, you must report that sale price.

If you are just a collector/hobbiest, nope.

Should I be able to print out the paypal payment information as proof of purchase to the IRS?

If the receipt details the item that you are going to list on your depreciation schedule, sure - talk with your tax accountant.

Schedule C and accompanying forms are 'red flags' - be prepared to substantiate ALL your claims.

[Aaron]

Thanks. All of my income is from performing/recording and I use all the equipment.