I receive corporate housing from my company as I commute from Chicago to San Jose. I cover all costs for my home in Chicago, while my company covers rent and utilities for my apartment in San Jose. Is my company supplied housing taxable?
2007-02-11 08:00:43 · 3 answers · asked by heelguy2001 3 in Business & Finance ➔ Taxes ➔ United States
If your time spent in San Jose is considered a temporary move, then the rent and utilities on the corporate housing is not considered taxable compensation to you. Short term is generally considered 183 days or less. Once you exceed 183 days, then the trip is no longer considered short term and the payments are treated as taxable compensation to you. The 183 day rule is for each trip. If you are going back and forth between San Jose and Chicago, and not staying in San Jose for a full 183 days at a time, then they can continue treating the travel as temporary. It is as if you are simply going on business trips.
2007-02-11 08:55:29 · answer #1 · answered by jseah114 6 · 2⤊ 0⤋
To add to jseah's helpful explanation, if you just go home to Chicago for the weekend sometimes, it doesn't cause a break in the 183 days - it would only count if you go elsewhere to work for awhile, then back.
2007-02-11 09:09:12 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
I don't think so. If it is, you would have recieved a form stating the dollar value of that benefit. That is a good question to take to teletax. The numbers are in the tax form booklet and you can hear a recording telling you what benefits or miscellneous income is taxable.
2007-02-11 08:29:18 · answer #3 · answered by fangtaiyang 7 · 0⤊ 1⤋