![]() ![]() The creation of a bill of sale and legal concerns to bear in mind while using one is discussed in detail in this article. For bookkeeping, tax reporting, or insuring reasons, sellers and buyers may require a bill of sale. It's common for the seller to supply the paperwork, although both parties’ benefit from it: If a bill of sale is provided, buyers and sellers may keep a copy of it as evidence of sale, money, and possession. This rule has a few exceptions: low-cost goods and services and real estate transactions. ![]() ![]() In the case of individual property, tools, cattle, or pets, a bill of sale might be used to keep track of the transaction. A bill of sale is a sort of sales receipt commonly used whenever a person sells a valuable asset, such as a secondhand automobile, boat, or plane. ![]()
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