Beginning January 1, 2008, the standard
mileage rates for the use of a car (including vans, pickups or panel
trucks) will be:
|
Purpose |
Rate Per Mile |
| Business |
$0.505 |
|
Charitable |
$0.14 |
|
Medical |
$0.19 |
|
Moving |
$0.19 |
NOTE: Taxpayers who
use FOUR vehicles or less at the same time for "business" purposes may use
the standard mileage rate.
If you
use the mileage rate, you may also be able to deduct parking fees, tolls,
interest, and state and local taxes (other than gasoline taxes).
The standard
mileage rate CANNOT be used to determine the expenses for automobiles used
for hire, such as taxicabs and limousines. Also, taxpayers CANNOT use the
standard mileage rate for a vehicle after using any depreciation method
under the Modified Accelerated Cost Recovery System (MACRS) or after
taking any Section 179 deduction for that vehicle. |
