A monthly rent receipt is issued to document rent payment between the lessee and the lessor. Giving out receipts is not just a vendor-consumer thing, it is also issued in business-to-business transactions, stock market dealings, and even in the renting process. Moreover, when the Internal Revenue Service (IRS) requires documentation of certain expenses and declaration of Income Tax, receipts are used. And aside from showing ownership, receipts are essential for some other reasons. For example, a retailer demands that a customer must show an official receipt in exchanging or returning items, the same way as producing a receipt for product warranty purposes.
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