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01 February 2016 what is difference between out of pocket expenses or reimbursement of expenses. and also what is its importance for tax purpose.

Arpit Shah

Arpit Shah (Expert)
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02 February 2016 out-of-pocket expenses
moneys paid directly for necessary items by a contractor, trustee, executor, administrator or any person responsible to cover expenses not detailed by agreement. They may be recoverable from a defendant in a lawsuit for breach of contract, allowable for reimbursement by trustees, executors or administrators, or deductible by a landlord from a tenant's security deposit for damages beyond normal wear and tear.

Arpit Shah

Arpit Shah (Expert)
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02 February 2016 reimbursement is a repayment for money you've already spent. When you travel for work, you get a reimbursement for your work-related expenses, like hotel bills and plane tickets, but you'll have to pay for that trip to the circus yourself.

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