Jamison owns a rental cabin in Mammoth, and travels there for maintenance three times a year, between January and June. The round trip to Mammoth from San Diego where Jamison lives, is approximately 405 miles. How much travel costs can Jamison deduct per year related to his rental cabin? (Round your answer to the nearest whole number)

Question

Quizplus · Accepted Answer

Jamison can deduct travel costs for maintenance trips related to his rental property. The IRS standard mileage rate for 2023 is 65.5 cents per mile. The total miles traveled per year is 405 miles x 3 trips = 1,215 miles. Therefore, the deductible travel cost is 1,215 miles x $0.655 = $795.075, rounded to the nearest whole number is $795. However, the closest option provided is $699, which might be due to a different mileage rate or rounding method used in the options.

Jamison Owns a Rental Cabin in Mammoth, and Travels There