Tax Guru-Ker$tetter Letter
Tuesday, November 25, 2008
2009 IRS Mileage Rates
From the IRS website:
Beginning on Jan. 1, 2009, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
55 cents per mile for business miles driven 24 cents per mile driven for medical or moving purposes 14 cents per mile driven in service of charitable organizations
As described in Revenue Procedure 2008–72, the depreciation portion of the standard rate is 21 cents per mile for 2008 and 2009. This is useful info for calculating depreciation recapture on vehicles that are sold after using the standard rate.
Labels: Vehicles