2017 Standard Mileage Rates for Business, Medical and Moving Announced » Mortgage Masters Group

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The Internal Revenue Service today issued the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2017, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

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Standard Mileage Rates Decrease in 2017 for Business, Medical, and Moving Purposes (Parker Tax Publishing December 2016) The IRS issued the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.

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The business mileage rate decreased half a cent per mile and the medical and moving expense rates each dropped 2 cents per mile from 2016. The charitable rate is set by statute and remains unchanged. The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile.

According to the IRS, if a debt is canceled, forgiven or discharged, you must. Office of Research Publication 6961, it received almost 4.0 million 1099-Cs in 2017.. Success Payments that lower the principal on your home mortgage under the. Cancellation of qualified real property business indebtedness.

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