Daily Real Estate News  |  June 26, 2008  |   IRS Offers Relief From Pain at the Pump
Real estate professionals and other business people who rely on their cars as part of their work will benefit from a change in the mileage reimbursement rate by the Internal Revenue Service for the second half of 2008, which increased by 8 cents per mile.

Real estate practitioners say they are driving more often because homes are sitting on the market longer and also because buyers expect to view more properties as inventory expands.

New practitioners have been hit especially hard by rising gas prices, as they tend not to have a lot of money coming in.

"Tax advantages are important when you're self employed and most real estate agents are operating that way," says Charlotte Mabry of Keller Williams in Chattanooga, Tenn.

Source: WDEF, Nordia Epps (06/24/08)

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