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writing off reimbusements

Discussion in 'Trucker Taxes and Truck Financing' started by Oscar the KW, Jan 28, 2013.

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  1. Jan 29, 2013 #11
    Oscar the KW

    Oscar the KW Going Tarpless

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    So I have done some research in the IRS's website, mainly in publications 334, 535, & 463, what I came up with is there are certain circumstances that reimbursements can be written off, but cannot for the life of me find out what these certain circumstances are. It has to be in there somewhere, but I haven't been able to find it within the tens of thousands of pages.
     
    Oscar the KW, Jan 29, 2013
    Oscar the KW, Jan 29, 2013
    #11
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  3. Jan 30, 2013 #12
    kor b

    kor b Light Load Member

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    If the reimbursement shows up on you 1099
    as income (unlikely)
    than it would be deductible.
     
    kor b, Jan 30, 2013
    kor b, Jan 30, 2013
    #12
  4. Jan 31, 2013 #13
    EZX1100

    EZX1100 Road Train Member

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    I have always insisted that Lumpers and other reimbursements are NOT included in my income, because it is NOT income

    So if i make $1,000/wk, i pay taxes on $1,000/wk

    if a include a lumper fee of $200. then i made $1,200, but i cannot claim the lumper fee of $200, so basically i have to pay taxes on $1200 though i never made that money

    so the shipper (or whoever) gets to claim that $200 lumper fee and i am stuck holding the bag on a $1200 income i never received nor can i claim the deduction
     
    EZX1100, Jan 31, 2013
    EZX1100, Jan 31, 2013
    #13
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