Work Expense Tax Deductions?
May 6th, 2010Me & my friend had this discussion regarding work related deductions. He said even though his employer pays him for mileage, that he can still claim those same miles as a deduction, his car insurance, car repairs, and gas! Is that correct. My understanding was as long as your employer reimbursed you for mileage it was also to cover repairs, wear & tear etc.
Replys
This question is tricky. For starters you may be allowed business miles as a deduction. You can take the standard mileage rate or use the insurance, gas, repairs and such also known as actual rate. You have to decide which would benefit you most but once you decide to take standard or actual then you must use this method from here on. Also if your reimbursements shows on your w2 box 12 under code L you show this amount on line 7 of the form 2106.
No way. You cannot claim ANY expenses that you have been reimbursed for or that someone else paid for.
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