IRS auto mileage rate increas 7/1/2008

[Mike Kennedy]

IRS Announces Increased Standard Mileage Rates Effective July 1, 2008​

In response to increased fuel costs, on June 23, 2008 the IRS announced that it is increasing the optional standard mileage rates used for computing deductible automobile costs for business and other purposes, including moving. Announcement 2008-63. Beginning July 1, 2008, the new rates will be 58.5 cents per mile for business use, up from 50.5 cents, and 27 cents per mile for moving expenses, up from 19 cents. The IRS ordinarily adjusts the mileage rates once per year, but opted to do so in mid-year because the costs of fuel have escalated dramatically in recent months.

 

[G-man]

Great!

I believe last year my mileage added up to several thousands in a deduction on my taxes.

 

[Stephen J. Vertin MAI]

It has been posted in the past that the average real estate appraiser puts about 10,000 miles per year on their car for business. This figure reportedly comes from the IRS.

 

[Terrel L. Shields]

I think I might hit 14,000 miles due to my rural properties...the only problem is that I reimburse myself from the corporation for mileage. Now my corporation is slowly losing money after it pays my salary and mileage...As the goober said, "that cain't be good..."

 

[OSU Beavers]

1,000 miles per month for my tri-county area.

I guess that makes me an above average real estate appraiser.

 

[Stone]

It has been posted in the past that the average real estate appraiser puts about 10,000 miles per year on their car for business. This figure reportedly comes from the IRS.

Wow, only 10,000. Guess they are talking about urban appraisers. The last few years have only been around 20,000 for me since I no longer do residential. But, when I was doing a lot of lending appraisals, I was over 30,000 per year. I hit 36,000 business miles on my CRV in less than 13 months and 95% of my lending work was within one county.

I would guess many, if not most, rural residential appraisers are over 30,000 per year when busy. I am glad that my trips, while often longer, are less frequent than they used to be.

 

[Tom Foster]

My car is only 23 months old.... got 58K miles on it...

just under 30K per year is what I'm driving.

 

[Blueprint]

It has been posted in the past that the average real estate appraiser puts about 10,000 miles per year on their car for business. This figure reportedly comes from the IRS.

I am feeling pretty average this year. :new_smile-l: The majority of my work is urban.

 

[Terrel L. Shields]

I try to combine mileage trips and frequently have the luxury of checking 9 - 15 comps at a time...a good afternoon's work usually. But that prevents the overlaps if I were doing 24-72 turnaround reports. And since many of my commercial and farm reports are used multiple times, I don't do much repetitive work. A friend told me she was working 6 counties now and I know that is supertough and she is putting a ton of miles on. Don't see how its' worth it because its near 100 mi. one way.

 

[Blueprint]

Don't see how its' worth it because its near 100 mi. one way.

I don't either. I really don't understand how they survive in California in this sporatic market. Driving from city to city, county to county, through various rush hours, as the orders come in, must be insane for those AMC farmers.