Question for the Money Doctors
Question submitted on Mar 24, 2012.
Questionwhat is the mileage deduction allowed for travel to a rental property?
The "standard mileage rate" that applies to business miles has changed a bit over the past couple of years, so it depends on when the miles were driven. For miles driven between 1/1/2011 and 6/30/2011, the rate was 51 cents per mile. Between 7/1/2011 and 12/31/2011, the rate was 55.5 cents per mile. And the rate for 2012 remains at 55.5 cents per mile. While the rate has not changed frequently in the past, to check for changes in the future just go to the IRS web site (www.irs.gov) and type "standard mileage rate" in the search box.
For additional information visit http://www.360financialliteracy.org/