Mileage Counts When Doing Your Rental Property or Business Travel Taxes

Tax write offs for corporate renalCorporate Housing Landlords: Did you know that you can deduct mileage when traveling to and from your rental property and when doing errands in relation to your property?

Business Travelers (Tenants of Corporate Housing): Same for you, you can deduct mileage when traveling for business and when driving to and from your corporate rental.

Good news – for 2012, the mileage standards have increased.

Beginning on Jan. 1, 2012, the IRS says the standard mileage rates for the use of a car (also vans, pickups or panel trucks) is 55.5 cents per mile for business miles driven. The rate for business miles driven is the same as the mid-year adjustment that became effective on July 1, 2011.

Check the IRS’s website for that fine print and questions.

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