I often get asked if you have to include odometer readings for every trip to get the mileage deduction. The IRS does not require odometer readings for every trip. Let’s go over the reporting requirements for mileage deduction.
This week, we’re excited to speak with Cesar H. Castro Jr., a real estate agent with Military Mutual. See how he’s helping our country’s bravest find homes.
Q. I’ve had the same job for 20 years. I deduct the same business miles every year but now, the IRS is questioning my miles. I had heard that the IRS offers a 10% or $5,000 leeway on these types of deductions—is this true? Can I estimate mileage deduction as long as it’s close?