Article Date:
May 2022
Word Count:
379
$75 Receipt Rule for Business Vehicles
Question
My tax preparer says there is no such thing as a $75 rule for receipts on vehicle expenses. He says I need receipts for all my car expenses. Can you give me the rule that says I do not need receipts if the vehicle expense is less than $75?
Answer
Certainly! The $75 rule is contained in IRS Regulation 1.274-5(c)(2)(iii), and the best explanation of what this rule says is found in IRS Notice 95-50, which states that the $75 rule applies ... Log in to view full article.
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