Real Estate appraisers working as independent contractors will want to know that The Internal Revenue Service has released the standard mileage rates for deducting automobile exptenses in 2010. For business use, the rate will be 50 cents per mile, down from 55 cents in 2009. You can view the announcement here.
Beginning on Jan. 1, 2010, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
- 50 cents per mile for business miles driven
- 16.5 cents per mile driven for medical or moving purposes
- 14 cents per mile driven in service of charitable organizations
The new rates for business, medical and moving purposes are slightly lower than last year’s. The mileage rates for 2010 reflect generally lower transportation costs compared to a year ago.
The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs as determined by the same study. Independent contractor Runzheimer International conducted the study.
Posted by Bryan McDonald (Follow me on Twitter)