For tax year 2008, the standard
mileage rates for the use of a car (including vans, pickups or panel
trucks) will be:
|
Purpose |
Rate Per Mile from
January 1 to June 30 |
Rate Per Mile from
July 1 to December 31 |
| Business |
$0.505 |
$0.585 |
|
Charitable |
$0.14 |
$0.14 |
|
Medical |
$0.19 |
$0.27 |
|
Moving |
$0.19 |
$0.27 |
NOTE:
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
"business" standard mileage rate CANNOT be used if:
-
You are
using FIVE or more vehicles at the same time, such as in fleet
operations,
-
You use
the vehicle for "hire". For example, a taxicab or limousine,
-
You
claimed depreciation on the vehicle, other than straight-line
depreciation such as MACRS (Modified Accelerated Cost Recovery
System) or ACRS,
-
You
claimed any Internal Revenue Code Section 179 deduction on the
vehicle, OR
-
You
claimed bonus depreciation (special depreciation allowance) on the
vehicle.
|
