Inside the 2017 IRS standard mileage rate of 53.5 cents a mile is 25 cents a mile for depreciation.1

The 25 cents for depreciation might hold the key to finding secret cash. Most people who use the IRS standard mileage rate assume that once they use the IRS rate, they’re done, and they have nothing else to consider on that vehicle. That’s incorrect.

Because depreciation is separately recognized in the IRS standard mileage rate, the standard-mileage-rate vehicle has basis just like any other depreciable asset. The sale of a depreciable business asset requires ... Log in to view full article.