Message Font: Serif | Sans-Serif
No. of Recommendations: 0
"Not if you account to your employer for your business mileage. You will need to show that you actually drove those miles. A log book or copies of your expense reports showing the business mileage should be adequate. But if the employer doesn't ask for documentation and just sends you a check for their guess of how much you drove, then it would be taxable.

In which case I'd have to keep the log books and deduct it on Schedule A subject to the 2% limitation, no? Keeping the log books wouldn't bother me much. As I said, I've used a vehicle in a previous business so I'm familiar with how to document it's use. Of course I'm assuming they haven't made any drastic changes in that since 1997.
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.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
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.