Tuesday, January 18, 2011

IRS 2011 mileage rates are out

Business* — 2010 rate: $0.50/mile — 2011 rate: $0.51/mile
Relocation — 2010 rate: $0.165/mile — 2011 rate: $0.19/mile
Medical — 2010 rate: $0.165/mile — 2011 rate: $0.19/mile
Charitable — 2010 rate: $0.14/mile — 2011 rate: $0.14/mile

* Can be used only if taxpayer owns/leases a passenger auto, van, pickup, or panel truck not for hire (e.g., as a taxi) that was not depreciated under ACRS, MACRS, or Sec. 179 in earlier years.

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