QUESTION
Is the business car mileage payment count as an income for bankruptcy?
Asked on May 29th, 2014 on Bankruptcy - Louisiana
More details to this question:
Will my car mileage reimbursement count as an income for my bankruptcy in the state of Louisiana. I file expense report monthly or when I want to and only have to turn in mileage log of business miles only, no gas receipts.
1 ANSWER
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No, it is a loss (deterioration of the car) and a gain (reimbursement) and thus it is not income because it has an IRS recognized "outgo".
Answered on May 30th, 2014 at 7:02 AM