Do you keep receipts for MS?
 

Just wondering if there's any reason to keep the receipts for my manufacture spend purchases?
I have a box full of receipts and used Visa/MC gift cards. Am I crazy to keep them? Obviously, I'm not going to keep them forever, but if there is a legit reason to keep them, how long should I keep them for?
Thanks for any input.

Perhaps till your chance of an audit are gone. I keep everything.

I keep everything including the GC packages

I get rid of GC and Wally receipts after original CC used at start of cycle shows its been paid back. If I was using a DC, I'd keep everything for an indeterminate time due to IRS knocking on some MS'ers doors.

I scan receipt for everything, from GC or reload pack purchase to top-up of a BB or RB and Money Orders.....and keep a spreadsheet of which day I do what transactions. It doesn't take much time but would eliminate a lot of headache if IRS or another government entity started asking questions.

I keep everything, but it is getting overwhelming. Receipts and cards everywhere. Need time to organize.

Eventually, I plan on checking all the balances to make sure that they have been unloaded.

Yup, I started doing the Excel tracking too.

Do you keep receipts for MS?
 

I throw everything in a file box but I don't organize it.

I trash it all as soon as it is spent. Maybe I should through it in a box

Yes. There's a lot of advice on how to do it. Google is your friend.

I scan all receipts and shred. Cards are kept for a period of time in case there are issues. I send cards to be shredded via industrial shredding service once annually. Personally, I don't want a busted trash bag to give anyone an idea of what's sitting inside my house on an average night.

I don't kept receipts once I've verified that the transactions or loads went through. I do keep a detailed spreadsheet of all my MS transactions. I figure if I ever got an audit or questioning, I have all GC's used and dates and places detailed so there should be no other proof needed.

You mean an audit from the IRS? So it's much safer to trash them after you get your tax return?

Do you mind sharing a template or sample section of your excel spreadsheet? I'm curious to see.

I'm pretty sure the IRS can audit you for up to 3 years after you file your return, if not longer than that.

You may want to google how long one should keep documentation on a tax return, as well as how far back IRS can demand paperwork. Hint - sometimes it is unlimited.

Just by the questions you ask, it seems you need to learn something about record keeping and the importance of it, as well as how MS could be viewed by IRS and other government agencies. In order to prove one's innocence, (as separated from other shady characters who are doing the same activities), documentation is needed to provide proof why one could run thru $$$$$$ thru various cards and bank accounts...