2 roads for claiming tax deductions on business miles

Real estate tax talk

The premier event for luxury agents and brokers
Luxury Connect | Oct. 16-18 | Beverly Hills

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.