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Track mileage easily and save money on your taxes (continued)
Permissible auto mileage deductions
- You drive for work, and your company reimburses you for your mileage.
- You own your own business. You want to report business mileage as a business expense.
- You own rental property. You want expense the driving you do to and from the property, as well as for purposes of maintaining the property (like going to the hardware store).
- You are making a major improvement on your own property. Certain major improvements can be recorded as part of your "basis", and driving you do on behalf of that improvement can be included in your basis.
- You volunteer in a non-profit organization. Driving to and from the organization can be deducted as a donation.
- You are an officer in a non-profit organization, church or other recognized religious institution. Driving you do on church business can be deducted as a donation.
- You attend a conference as a representative of a non-profit organization, whether or not you are an officer. Your out of pocket expenses, including mileage, is deductible.
- You have high medical expenses that you deduct. Your travel expenses related to your medical expenses are also deductible.
- You are adopting a child. Travel related expenses for adoption are deductible.
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What's the catch?
As usual, the IRS is rather picky about how you track your mileage, and also about how you convert those miles to dollars.
Business and Rental Property Miles
If you report your mileage on an expense form for your company, it is up to your company to tell you how much it is willing to reimburse you for those miles. Usually, it is the same rate as last year's published IRS rate.
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