While the rates have varied over time, the principle of the IRS mileage rate - offering a standard, fair reimbursement rate that reflects the actual costs of operating a vehicle for designated purposes - remains constant. Exceptions and special considerations There are certain exceptions and special...
The IRS determined that the situation was distinguishable from situations addressed inRevenue Ruling 2004-64, in which theoriginaltrust provided for a mandatory or discretionary right to reimbursement for the grantor’s payment of income tax attributable to trust income (see, e.g., Situation 3, in...
but you can generally expect to see language requiring detailed record-keeping . plan to account for how you spent the money so you can explain it to your child or the irs. as a result, be exact. you can check your state law or talk with a financial advisor to be sure, but generally...
Home Depot offered reimbursement for travel expenses based on a mileage rate; however, the taxpayer did not request reimbursement because he believed he would get a bigger refund if he claimed his automobile expenses on his tax return. Sec. 274(d)(4) sets forth substantiation requirements with ...
While the rates have varied over time, the principle of the IRS mileage rate - offering a standard, fair reimbursement rate that reflects the actual costs of operating a vehicle for designated purposes - remains constant. Exceptions and special considerations There are certain exceptions and special...