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Do you keep proof of purchase & receipts?


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Interesting thought I have just had about receipts. 

If you wanted to prove how much you paid for something - say if you had to claim for a lost parcel or home insurance if you were burgled or if your house burnt down - could you?

Royal mail special delivery covers bullion and coins - but to make a claim you will need a proof of purchase and or a proof of value to claim back anything. Also down the line you might want to protect yourself from capital gains tax by proving how much you bought something for. 

I keep all of my receipts electronically - but I also do have paper versions that come with various orders and/or from coin fairs. I keep them in a fire proof safe (but it is only fire proof for so long). If your house burnt down and your lost all paper receipts what would you do!?

Makes me think about the sales I have made directly here on the forum. People who order via my Website and eBay store get a proof of purchase and/or receipt but all the direct sales I have made on this forum have been done simply by messaging. No receipts. 

With that said - I am more than happy to provide anybody that has bought something from me with a receipt - just get in touch and we can work something out. 

If everybody gets in touch all at once though please expect a short delay!

Visit my website for all my Hand Poured Silver: http://backyardbullion.com

And check out my YouTube channel 

https://www.youtube.com/backyardbullion

 

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41 minutes ago, BackyardBullion said:

Interesting thought I have just had about receipts. 

If you wanted to prove how much you paid for something - say if you had to claim for a lost parcel or home insurance if you were burgled or if your house burnt down - could you?

Royal mail special delivery covers bullion and coins - but to make a claim you will need a proof of purchase and or a proof of value to claim back anything. Also down the line you might want to protect yourself from capital gains tax by proving how much you bought something for. 

I keep all of my receipts electronically - but I also do have paper versions that come with various orders and/or from coin fairs. I keep them in a fire proof safe (but it is only fire proof for so long). If your house burnt down and your lost all paper receipts what would you do!?

Makes me think about the sales I have made directly here on the forum. People who order via my Website and eBay store get a proof of purchase and/or receipt but all the direct sales I have made on this forum have been done simply by messaging. No receipts. 

With that said - I am more than happy to provide anybody that has bought something from me with a receipt - just get in touch and we can work something out. 

If everybody gets in touch all at once though please expect a short delay!

I do the same as you with respect to receipts...both electronic and paper.  I file them when I enter cost basis into my tracking spreadsheet.

For forum purchases, I have always used PayPal.  For each transaction (BYB and non-BYB), I print a copy from my PayPal transaction history and write what was purchased on the transaction summary printout.  These have served as my forum receipts.

Edited by Lr103
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i am impressed by the record keeping here :D, I do have some  receipts for the coins and metals I have bought mainly from companies and e bay , but not all, like things I have bought here  in the sales section , even some for cash! but then again I don't have a lot so don't have to keep track of thousands of pounds of metals, metals are in a fire proof safe but paperwork is not , may be is should be ? .

dean.m

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  • 3 years later...

I always think what tbe tax man will think if you sell a big chunk of gold without proof of purchase/receipt for all. Many many times coins are picked up in stores for cash or traded for others to individuals with no receipts or bought on the forum. I know they are CGT free but money laundering rules would probably mean there is some digging into proof of the original purchase. Wonder If anyone has any experience with this.

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I was worried that I was the only one with paperwork OCD from their coin purchases 😀

I keep copies of the order, invoice and delivery note.

My motivation for doing this is preparation for a situation when selling the coin and the buyer asks for proof that I have bought the goods legitimately and they haven't fallen off the back of a lorry.

I don't buy a ton of coins so it's fine for me but I can see it would be ridiculously time consuming for people who buy coins on a daily basis.

 

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I keep all my order confirmation emails electronically and I keep paper copies of all my delivery notes.

Almost all my precious metal coins and bars have been bought new, from recognised UK dealers, so this makes it easier.

Like some others, I also record each precious metal coin or bar in a spreadsheet, with its delivered purchase cost.

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Receipt is fine, however coins etc don’t have serial numbers on, so here’s a thought, 

Something is worth only what someone is prepared to pay or sell for.

I bought a Oz Gold Britannia at top of market £1550  

I bought an identical OZ Gold Brit at £1250 when market dropped

If I was selling 1 of them now at today’s prices?  which coin/receipt should I sell? 

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5 hours ago, iggypop said:


Receipt is fine, however coins etc don’t have serial numbers on, so here’s a thought, 

Something is worth only what someone is prepared to pay or sell for.

I bought a Oz Gold Britannia at top of market £1550  

I bought an identical OZ Gold Brit at £1250 when market dropped

If I was selling 1 of them now at today’s prices?  which coin/receipt should I sell? 

If coins were identical then wouldn’t matter like you say but as a buyer I think I would prefer the receipt with the higher amount. My thinking behind that is purely for insurance reasons. 

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