RE: FYI NEW STANDARD MILEAGE AND PER DIEM RATES FO
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Fkatz
Charter Member
488 posts
8 feedbacks
14 points "FYI NEW STANDARD MILEAGE AND PER DIEM RATES FOR"
Oct-12-07, 04:08 PM (EST)
Hi All,
I received notification about the new Per Diem and Standard Mileage rates so far will REMAIN THE SAME AS 2007
Per Diem: $52.00 per day U.S.
$58.00 per day International, (Canada-Mexico)
and except that the limitation has finally reached to where it was back in 1998. That limitation was 80% of the total will be your dedcution for 2008 again.
The Standard Mileage rate will remain the same for 2008 as it is for 2007 $48.5 cent per mile.
Frank
usaf6186
Member since Sep-29-07
5 posts
Rate this user 1. "RE: FYI NEW STANDARD MILEAGE AND PER DIEM RATES FO"
Nov-25-07, 10:53 AM (EST)
In response to message #0
Hi Frank; Where did you get the info on the mileage rates for 08? I just checked the IRS site and there is no mention of the rates for 08. What with the increase in fuel cost and everything else, I can't see them staying the same. Jerry Lee
Hi Jerry Lee
NEW STANDARD MILEAGE RATE
The standard mileage rate for all business miles has increased to 50.5 cents a mile. Effective for transportation expenses paid or incurred on or after January 1, 2008. (Rev Proc 2007-70)
The rate for charitable miles remains at 14 cents a mile.
The rate has decreased to 19 cents per mile when computing deductible moving expenses.
The rate has decreased to 19 cents per mile when computing deductible medical expenses.
This was just receieved from my Tax Association update yesterday in there weekly notices.
There has been no notification on the per diem for Subject to DOT Hour of service regulations it still remains at $52.00 US & $58.00 Canada/Mexico and of course the actual deduction will be 80% for 2008 of the total
Frank
arrbsthw
Member since Jun-21-07
80 posts
Rate this user 2. "RE: FYI NEW STANDARD MILEAGE AND PER DIEM RATES FO"
Nov-25-07, 08:38 AM (EST)
In response to message #1
Is it true that if you have no depreciation left you can deduct
mileage and how would this work? Thanks
arrbsthw
[b} Hi Arrbathw,
SORRY, but Once your depreciation is exhausted there are no more deductions available to you at all, as far as the truck itself is concerned except THE OTHER DEDUCTION THAT YOU WOULD NORMALLY TAKE. YOU CANNOT TAKE THE MILEAGE AT ALL FOR THESE TYPES OF VEHICLES.
The standard mileage rate applies to Cargo Vans only. and only for the first 5 years, not 3, and if you seLl your vehicle all the depreciation that was taken must recaptured as income when sold. or used as a like kind exchange as a trade in. but the depreciation that was WAS taken would still be recaptured.
Frank
If you purchase a new truck or newer used truck then the depreciation starts over again. with the actual date put in service.
