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wchengkanhi
March 31, 2025
Question

Business usage %

  • March 31, 2025
  • 1 reply
  • 0 views

My business usage % vary each year.  Do I use an average annual % in computing gain and loss basis or do I take the % computed by dividing the total of business miles for all years by the total miles drove?  Thank you. 

    1 reply

    JohnB5677
    JohnB5677
    March 31, 2025

    Yes, you would calculate the mileage percentage by dividing business mile by the total miles driven.

     

    The IRS requires you to maintain a log of business miles driven.

     

    The log should include 

    • Date
    • Location
    • Miles driven and 
    • Reason

    If requested, the IRS would expect this documentation to confirm the miles driven.

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