Gas reimbursement?
My dad purchased a truck that he uses to work. He also spends close to $200 a month on fuel. I'm almost sure my dad can get some return next year when he files and includes the purchase of the truck for work. But what about the fuel? WHat is the best way to keep track of the purchases? Credit card or plain o'l receipts?
You didn't specify what you meant by "work" so I will explain it all.
The only way that your dad can claim the truck and/or fuel expense is if he is an owner of a company or self employed. Only the portion relegated to work is deductable.
With the fuel expense, the best way to keep records is to have a small notebook handy in the glove compartment. When he goes to a job he then can write down the name of the company, the date, time and number of miles to that particular job. I would use the credit card method of keeping fuel records. Receipts always seem to get lost. This way, he has the vredit card statements for backup.
Fuel
Thank you Bmcper for your response. I see you are still dedicated to tax forum even though tax season is over. That's excellent!
Unfortuantely, my dad is not the owner of the company. I always thought u get reimburse for purchasing a truck and use it for work. He basically is a home & commerical alarm installer and uses the truck and pays for his own fuel. Good part about that is that the company will reimburse part of the fuel expense.
Re: Work
No, he can write off unreimbursed job expenses. Tell him to keep track of the gas and any other expenses that he uses for the company and the expenses that the company reimburses him for. He can then deduct the difference. That is, if he files a long form.
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