Posted by BarbaraL_CA on 12/22/06 4:36pm
Msg #167421

Mileage Deduction information

In November, the Internal Revenue Service issued the 2007 optional
> standard mileage rates used to calculate the deductible costs of
> operating an automobile for business, charitable, medical or moving
> purposes. Beginning January 1, 2007, the standard mileage rates for
> the use of a car (including vans, pickups or panel trucks) will be:
> 48.5 cents per mile for business miles driven, 20 cents per mile
> driven for medical or moving purposes, and 14 cents per mile driven in
> service to a charitable organization.
>
> The new rate for business miles compares to a rate of 44.5 cents per
> mile for 2006, and the rate for medical and moving purposes was 18
> cents in 2006. The mileage rate for charitable miles is set by
> statute.
>
> A taxpayer may not use the business standard mileage rate for a
> vehicle after using any depreciation method under the Modified
> Accelerated Cost Recovery System (MACRS), after claiming a Section 179
> deduction for that vehicle, for any vehicle used for hire, or for more
> than four vehicles used simultaneously. Revenue Procedure 2006-49
> contains additional information on these standard mileage rates:
> http://www.irs.gov/pub/irs-drop/rp-06-49.pdf.

Reply by dionaea on 12/22/06 6:32pm
Msg #167428

Thanks for the info

I was going to have to look that up, so now I can just plug it into my Excel spreadsheet. I keep a log of all closings and have a column for mileage, so doing a formula to multiply it out will be a piece of cake.