Investment is determined by each purchase document. For example, an invoice with several items totaling less than $10,000 is acceptable as the only backup documentation provided. An invoice with several items equal to greater than $10,000 requires purchase and payment documentation.
For the purchase of an investment below $10,000
For each investment being claimed, purchase documentation is required.
For the purchase of an investment equal to or greater than $10,000
Both purchase and payment documentation is required.
As per Rule R357-15-2 (7) "Purchase documentation" means
(a) bill of sale;
(b) contract of sale;
(c) receipt, invoice:
(d) settlement statement or disclosure document issued from a third party source, including a title company or a bank, for property or other real estate investments; or
(e) other documentation which identifies the buyer, seller, purchase price, item(s) purchased, and the date of purchase.
As per Rule R357-15-2 (6) "Payment documentation" means
(a) bank statement;
(b) cleared check;
(c) signed and executed financing agreement;
(d) signed statement from the seller confirming the payer, payee, date paid, and amount paid for cash payments; or
(e) settlement statement or disclosure document issued from a third party source, including a title company or bank, for property or other real estate investments.