Jul
04

Realtors Can Now Deduct More For Gas

July 04, 2011

With our area posting some of the highest gas prices in the nation, those who drive for a living are feeling the heat, including Chicago real estate agents.

Now there is a bit of relief.

On July 1, the Internal Revenue Service increased the tax deduction that drivers like real estate agents can take for using their own vehicles for work.

woman sitting in her with computer on the phone

This gas-rate increase will be welcomed by many real estate agents who use their cars as offices.

The rate increased to 55.5 cents per mile for all business miles driven from July 1 through December 31, 2011, up from 51 cents during the first six months of this year.

The fact that the IRS made this move in the middle of the year is extremely uncommon but completely appreciated. Usually the agency updates the mileage rate once a year for the following year.

“This year’s increased gas prices are having a major impact on individual Americans,” said IRS Commissioner Doug Shulman. “The IRS is adjusting the standard mileage rates to better reflect the recent increase in gas prices.

“We are taking this step so the reimbursement rate will be fair to taxpayers.”

Beginning July 1, the IRS also increased the rate for computing deductible moving expenses. That, too, will go up 4.5 cents, from 19 cents a mile in the first half of 2011 to 23.5 cents in the second half.

For more information, visit irs.gov.

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Tracey

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