Reader’s Digest reports that over 3.6 Billion miles were put on realtor’s cars in 2011 while driving clients around. That means those real estate agents were able to claim (if they had documented them) over $1.8 BILLION in mileage tax deductions!
The IRS tax rate for 2011 was actually increased mid-year from $.51/mile to $.555/mile for an average rate of $.5325/mile. Multiply that by 3.6 billion miles, and that’s $1,917,000,000 ($1.917 Billion) in tax deductions. Business trip miles really add up!
If you were one of the many realtors using the mile tracker app, MileBug, on your iPhone, Android, or Windows Phone, then you had some nice reports to use when doing your taxes, and you got part of that multi-billion dollar chunk. If not, then why not get your chunk in 2013? Download it now for only $2.99: