IRS Lowers Gas Deductions | Atlanta Realtor ... - Atlanta Real Estate

Though the price of gas is going down, it is still a far cry from what we paid years ?even months- ago. The high cost of gas is particularly hard on Atlanta real estate agents because they are constantly driving to and from open houses,? showings, the office and home.

But late last week, good news came out for realtors courtesy of the?Internal Revenue Service. On July 1, the IRS increased the tax deduction that drivers, like Atlanta real estate agents, can take for using their personal vehicles for work.

The deduction rate has risen four-and-a-half cents per mile, now 55.5 cents per mile, and will remain at this rate from July 1 through December 31, 2011.

The IRS? move during the middle of the year is uncommon; normally it only updates the mileage deduction rate one time per year. However, the help is sure to be appreciated.

?This year?s increased gas prices are having a major impact on individual Americans,? said IRS Commissioner Doug Shulman. ?The IRS is adjusting the standard mileage rates to better reflect the recent increase in gas prices.

?We are taking this step so the reimbursement rate will be fair to taxpayers.?

Beginning July 1, the IRS also increased the rate for computing deductible moving expenses. That, too, will go up 4.5 cents, from 19 cents a mile in the first half of 2011 to 23.5 cents in the second half.

Atlanta real estate agents, how does this affect your job? Are you satisfied with the increase? Let us know in the comments.

Source: http://www.atlantarealestateforum.com/irs-lends-hand-to-atlanta-real-estate-agents-47317/

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