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I'm not sure exactly how it works but it may be in some markets (NYC for example) if the employer owns parking and provides it free of charge they may have to show that it's worth $240 somehow. The transit benefit started in 1984 specifically because in New York employers were providing a significant incentive to drive to work through free parking. 1993 was when the cap on parking benefits was enacted.

The IRS docs are sketchy on how you determine value but are pretty clear you must include anything over $240 in an employee's taxable wages.

by MLD on Aug 13, 2012 11:02 am • link • report

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