Well, actually not mine, but my sons'. I wouldn't have thrown them out, but sure can't find them.
They didn't have much income; the normal stuff from modest investment accounts. I can probably reload TaxCut 2006 and print out the backup files of their actual returns, but I can't get the supporting documents back. In the unlikely event they are audited, will this be a problem, or will the IRS be "fair" about it?
Stuff like charitable contributions, where you're required to have a receipt, you'll probably lose; ask the charity for a duplicate now.
Stuff like brokerage statements, unless the IRS gets something different from the broker, you should be safe.
Seth
As fair as a teacher who's been told 100 times that "the dog ate my homework."
But seriously, they may accept indirect evidence if the expenses/ deductions are usual for the activity in which you're engaged. If you are being audited, try to get copies of statements that have a connection to the expenses.
My son's aren't particularly charitable; just bank and brokerage statements. Thanks.
but my sons'. I wouldn't have thrown them out, but
Sorry, the first part of your post didn't register with me. To prove basis, you would need the brokerage statements or proof as to when they were purchased. The IRS does accept a reasonable estimate, i.e. average cost of the stock or mutual fund at that time.
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