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.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top