Will I need receipts?

[sick of debt]

I have noticed that people here have saved receipts. Is this something I need? Normally, I tend to toss them.

[AngelinaCatHub]

So do I but for some, I scan them into a folder on my computer. It depends on what the reciept is for. Like food if you use a check that would be a reciept. Can you clarify why you are concerned? 'Hub

[sick of debt]

No particular concern. I noticed in some of the posts people refer to their saved receipts. Any purchase I make now is with my debit card or with a check.

[AngelinaCatHub]

No particular concern. I noticed in some of the posts people refer to their saved receipts. Any purchase I make now is with my debit card or with a check.

Those should be good enough. 'Hub

P.S. now don't invent stuff to worry about. LOL

[liz417]

I'm a receipt-saver, so I have everything, but I'm not going to make copies of those unless asked. Since I provided 6 months of bank statements and paid 99% of things with my debit card, they can refer to the statement.

[AngelinaCatHub]

True 'liz417'. I pdf every payment I make to my Trustee. The reason is I pay by money order and I want a picture of every one. 'Hub

[momof5]

I saved receipts but only because we received our stimulus a couple of weeks prior to filing. I didnt want there to be any question as to where that money went. The trustee never mentioned the stimulus nor did I need any of those receipts. Although for future money budgeting it has been nice to see every single purchase made over a period of 14 days. We spend an awful lot on gas! I know that should be a given but I really didnt realize how much.

[southernbelle]

I saved receipts for the same reason as momof5. I received my Federal tax refund check about a week and a half before I filed (it was about $5k) and I wanted to make sure I had proof of where every dime went. I had to prove I didn't stuff the money under a mattress or anything.

I had to surrender my economic stimulus check and state refund check which is mostly why I'm an asset case.

[Frogge]

I save gas receipts because we spend so much, and I will be using them for tax purposes because I use my car for work also. Other than that, I just put everything in separate categories on my bank statements.

[Flamingo]

If you itemize taxes, it is always a good point to save all receipts for that year except maybe ATM receipts, and hold those receipts for about 3 years. Also save receipts for any purchase that you make that has a warranty associated with the item until either the warranty expires or you get rid of the item. If you have bank statements or credit card statements, either mailed to you or can print out a copy online, you don't need to keep the physical receipt unless you need to send it in for a rebate or need for a warranty.

[bk4sky]

well when in initially went to my lawyer for the consultation he had me fill out this HUGE financial statement, and ive come to find out in under estimated on ALOT! So for the whole month of july im going to sve my receipts, esp when i hit up the grocery store. i have 2 weeks of food receipts and im already at 200. Also i underestimated on my prepaid cell phone i said i only needed a $30 dollar phone card a month cause i thought i could get away with it but really i need about a $50 dollar one each month. So i am going to start saving my reeipts for certain things so i can re adjust the numbers i gave him and ill have the proof to back me up. ( just incase, ya never know)

[sick of debt]

We are very good about saving receipts for husbands construction business, but not personal.

Southernbelle, we to are waiting to file because of 4K federal return (should arrive next week). If you don't mind my asking, how did you spend your money. We have been soooo good with money. think I forgot how to spend it. LOL

[Phillymanhere]

The reason some people save receipts is because they are filing for a chapter 7 and their expenses in certain categories are higher than the IRS recommended guidelines.

So if you claim medical bills way above the IRS guidelines, I think it helps to have receipts for that spending. My sense is that it's a defensive move for folks in case the UST challenges some of their numbers on their filing.

Definitely relevant for people above the median income for their states and people spending more than the recommended guidelines.

[AngelinaCat]

When we had to account for where the money went after the dispersal of the proceeds of the Mortgage Note that got us into trouble, I had to go all around town begging for duplicate receipts for everything because 'HUb tends to throw everything away. It was a mad two or three weeks of added anxiety in our lives. NOW 'Hub PDFs things. Don't let him fool you that he kept everything before! LOL

[Frogge]

The reason some people save receipts is because they are filing for a chapter 7 and their expenses in certain categories are higher than the IRS recommended guidelines.

So if you claim medical bills way above the IRS guidelines, I think it helps to have receipts for that spending. My sense is that it's a defensive move for folks in case the UST challenges some of their numbers on their filing.

Definitely relevant for people above the median income for their states and people spending more than the recommended guidelines.

Yes, I've heard this before. I read it in an article, I think on ************************ -- a person was claiming way more than the allowable expense on something, I want to say gas - and they were questioned. The attorney gave receipts the UST and they were in the clear. The attorney writing the article said that they ALWAYS want to have at least a month of receipts to present if there is a large deviation from the guideline in an expense category.