Message Font: Serif | Sans-Serif
No. of Recommendations: 0
I log around 3,000 miles on my car per month. My employer pays 90% of 30 cents per mile (the 10% is estimated as personal use). Now the IRS allows 32.5 cents per mile and I know that out of the 100 miles I drive per day only 5 are for personal use. Do I claim a deduction for 95% of my milage at 32.5 cents per mile substracting the reimbursement paid by the employer on my taxes? The car reimbursement from the employer is not reported as income on my W-2; the office accountant calls it a "washout" of them indirectly paying my car/gas bills and monthly financing payments.
Any thoughts? Thanks.
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.