IRS Issues 2024 Standard Mileage Rates - December 16, 2023
The IRS has issued the 2024 standard mileage rates for calculating the deductible costs of operating an automobile for business, charitable, medical or moving purposes. (IR 2023-239, 12/14/2023; Notice 2024-8, 2024-2 IRB)
Beginning on January 1, 2024, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
Beginning on January 1, 2024, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
- 67 cents per mile driven for business use, up 1.5 cents from 2023.
- 21 cents per mile driven for medical or qualified moving purposes, down 1 cent from 2023.
- 14 cents per mile driven in service of charitable organizations. (This rate is set by statute and remains unchanged from 2023.
Generally, taxpayers must opt to use the standard mileage rate in the first year the car is available for business use. After the first year, they can choose either the standard mileage rate or actual expenses. However, if a taxpayer chooses to use the standard mileage rate for a leased vehicle, then they must use the standard mileage rate for the entire lease period (including renewals.
The standard mileage rates apply to electric and hybrid electric as well as gasoline and diesel-powered automobiles.