Quote:
Originally Posted by rebajosh
do we have to save reciepts or can we deduct $52 per day we were away from home regardless of how much we spent?
You do not have to save receipts. It is a $ amount set by the IRS. To be able to use it, you must meet the following requirements:
1. You must be subject to the HOS Rules.
2. You must have and keep your "logbooks" that justify the deduction.
3. You must do a 1040 long-form to take the deduction.
4. You must have a permanent "domicile", as in house, apartment, qualifying boat or RV. Especially if you use a PO Box for an address.
5. If you "live in the truck"....with no permanent domicile (see #4 above), you CANNOT take the deduction. This is because the truck is your home, thus you are never away from home, ergo...no deduction.
I recommend that if you use the standard deduction for HOS covered transportation workers...that you keep your logbooks for 7 years. This is because the IRS can audit you at any time, and failure to have the logbooks available to substantiate the deduction will result in you having a truly "crappy" day....that will last a long time and be very expensive.