If the buyer intends to deduct the purchase as a business expense, it’s wise to keep the receipt to file with their annual tax return.
What to Include
- Buyer information (name, address, phone, email);
- Lumber description (type of wood, dimensions, color, condition, hardwood rating);
- Payment method (cash, check, credit card, other);
- Receipt number;
- Seller information (name, address, phone, email);
- Signatures of both parties;
- Summary of charges:
- Cost of the lumber,
- Cost of add-ons (if applicable),
- Quantities of items and add-ons,
- Subtotal,
- Tax rate,
- Total taxes due,
- Total amount due,
- Amount paid, and
- Outstanding balance (if applicable); and
- Transaction date.