top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Reimbursed car mileage from company.

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Reimbursed car mileage from company.

    I work in sales where the company I work for pays me $0.47 per mile for using my personal car for work. The IRS allows around and up to $.057 per mile.The question I have is that I certainley hope that the car mileage allowance will not be considered income by the trustee.
    Any advice , experience or help with this would be appreciated.

    #2
    You put business mileage income in on schedule I, out on J and also on your means test. Put it in Schedule J, Line 7 "Regular income from operation of a business" Then you take it out in the exact same dollar amount on schedule J, line 16. (you will have to attach a note to both of these stating that it is company reimbursed mileage at the irs rate. Means test it is in on line 4a and out immediately on line 4b: they will zero out and not affect your gross. (There is recent case law out of Virginia on this in RE: Tinsley. April 2010.)

    Hope that helps a little.
    I am not an attorney. I am just a fellow passenger on a sinking ship. Anything posted above is my opinion or best guess, and nothing more.

    Comment

    bottom Ad Widget

    Collapse
    Working...
    X