IRS 1040 Schedule E standard mileage rate changes for 2011
IRS 1040 Schedule E standard mileage rates are split for 2011, 51 cents for the first half of the year, 55.5 cents per mile for the second half.
For 2011 the IRS has designated two different standard mileage rates for miles driven as part of your rental property activity. For the first half of the year (thru the end of June 2011) the rate is 51 cents per mile. For the second half of the year (July 1st forward) the rate is 55.5 cents per mile. At EasyRentalTools every task you enter, including expense and income items, has a mileage box attached. By entering the miles you drove as part of your rental property activities EasyRentalTools calculates your mileage deduction for you based on up-to-date IRS rules. All of this is done "behind the scenes". There is nothing additional you need to do. It's just one more way that at EasyRentalTools property management software – you push the button, we do the work!
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