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Can I use bank statements as proof of purchase for my taxes?

I charge everything with my debt or credit card. Because of this, I am horrible with receipts but I keep all my bank statements. I plan to file my taxes soon. Can I use my bank statements as proof of payment for medical bills/other deductions I qualify for? It clearly states the hospitals name on the bank statment.

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6 Responses to “Can I use bank statements as proof of purchase for my taxes?”

  1. pathfinder said :

    No, because it doesn’t show what you actually bought.

  2. LauraSL said :

    Unfortunately you cannot. It doesnt have enough information fo them to process.

  3. degegrw said :

    You CAN USE your bank statements.

    The IRS does not accept Bank Statements as proof of service provided. However, if you are selected for audit, you simply go to the service provider, listed on the statement, who will gladly provide you with a receipt for the services they provided.

    So, compile your returns using your bank statement utilizing all the deductible items they show.

  4. Judy said :

    No, you need receipts to show what the expenses are for in order to prove they are deductible. The hospitals should be able to provide you with an annual statement though.

  5. IEFar said :

    It depends

    “Proof of payment” is one thing. A bank statement is an acceptable form of proof of payment. From IRS Pub 552:

    “One of your basic records is proof of payment. You should keep these records to support certain amounts shown on your tax return. Proof of payment alone is not proof that the item claimed on your return is allowable. You should also keep other documents that will help prove that the item is allowable.

    Generally, you prove payment with a cash receipt, financial account statement, credit card statement, canceled check, or substitute check. If you make payments in cash, you should get a dated and signed receipt showing the amount and the reason for the payment.”

    So you have a bit of a muddled answer. Yes, its proof that you paid, but mere payment doesn’t necessarily mean its deductible. You should have something else that describes exactly what was bought.

  6. engineer50 said :

    No – that won’t show what specify goods or services were purchased. You need itemized receipts.




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