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Tax Court: Itemized receipts required to substantiate deductions.
September 6, 2012
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A recent court case (Gorokhovsky v. Commissioner, T.C. Memo. 2012-206) disallowed deductions because the taxpayer lacked itemized receipts necessary to substatiate deductions. Main Issue: Credit card statements and cancelled checks while are important to prove payment, do not contain the detail and itemization necessary to substantiate a deductable business expense, nor do self-generated expense records. […]