Do you get reimbursed by your employer or your corporation for business mileage?

If so, you could be in for a happy or a sad surprise. Why?

You, the employee driving your personal vehicle and receiving reimbursements for business mileage, are driving a business vehicle. And the surprise often is the gain or loss on the sale of your vehicle (which, before this article, you thought of as a personal vehicle).

Let’s examine this issue further.

Leo’s Story

Leo is a hotshot. He works many hours as a high-performing W-2 employee for a company that is going gangbusters. He makes good money.

In January 2022, Leo buys an $85,000 Porsche and uses it only for business until December 2025, when he trades it ... Log in to view full article.