Depreciation In Standard Mileage Rate 2024. This notice also provides the amount taxpayers must use in calculating reductions to basis for depreciation taken under the business standard mileage rate,. The irs sets a standard mileage rate each year to simplify mileage reimbursement.
In 2024, the portion of the standard mileage rate allocated for depreciation in basis reduction calculations is set at 30 cents per mile. Often results in a larger deduction for those who do a moderate amount of driving.