Industry News

2 roads for claiming tax deductions on business miles

Real estate tax talk
Published on Aug 24, 2012

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by CareyBot

For many real estate professionals, your largest tax deduction may be the business miles you drive. There are two ways to deduct your mileage: You can (1) deduct your actual expenses for gas, depreciation, repairs and other car expenses; or (2) take the standard mileage deduction, which is 55.5 cents per mile for 2012.

Whichever method you use, there's a simple way you can maximize your business miles: Use a home office for your real estate business.

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