27 December 2016 Federal mileage rates decrease for 2017 Effective January 1, 2017, the business standard mileage rate (including vans, pickup trucks, and panel trucks) decreases from $0.540 to $0.535 and the rate for medical and relocation decreases from $0.190 to $0.170. Mileage related to charity is set by law and remains at $0.140 per mile. (IRS Notice 2016-79) Note that the business standard mileage rate may not be used (1) after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS), (2) after claiming the Section 179 deduction for that vehicle, (3) after claiming depreciation using a method other than straight-line for the estimated useful life, or (4) to compute the deductible expenses for more than four vehicles used simultaneously. (Revenue Procedure 2010-51, IRB 883.) For the rates and limits applicable in 2016 see our special report.
Document ID: 2016-2229 | ||||||||||||||||||||||||||||||||
