Question

Armed Forces Reservist Education Expense (Form 2106)

Forum|Forum|2 years ago
January 26, 2024
1 reply
0 views

Hi,

Is a white elephant gift acceptable for the business gift (under $25.00) portion of the 2106?

Ref:

Business Gifts

by TurboTax•Updated December 07, 2023

You can deduct up to $25 for business gifts to any one person.

See IRS Publication 463 for more information on business gifts.

B

BillM223

Is this deduction in relation to being an Armed Forces Reservist? If so, how does a white elephant fit in with travel expenses?

"The amount of expenses you can deduct on Schedule 1 (Form 1040), line 12, is limited to the regular federal per diem rate (for lodging, meals, and incidental expenses) and the standard mileage rate (for car expenses), plus any parking fees, ferry fees, and tolls"

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A

AnonymousUser3Author

Hi, it asks for business expenses less than $25.00. Similar to education expenses that are deducted for Reservists, i.e. more here at ref: https://ttlc.intuit.com/community/business-taxes/discussion/armed-forces-reservist-education-expense-form-2106/00/3142528

Would this deduction apply? Please LMK, thanks.

R

RobertB4444

Business gifts are gifts made by or for increasing your business income. If your white elephant gift was under $25 and was made as part of your business in order to further your business activities then it is deductible. If it was just an optional game you played with the folks you work with then it is not.

@AnonymousUser3

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