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Querist : Anonymous

Querist : Anonymous (Querist)

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)

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)

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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