The IRS announced the standard mileage rates for use a vehicle for certain purposes in 2011.
When a vehicle used for business driving is owned, rather than leased, the deemed depreciation rate for 2011 is 22¢ per mile (down from 23¢ per mile in 2010). For example, if a self-employed individual drives her personal car for business 10,000 miles in 2011, she must reduce the basis of the vehicle by the deemed depreciation amount of $2,200 (10,000 miles x 22¢).
Caution: If the price of gasoline rises dramatically, the IRS could increase the mileage rates for a portion of the year, as it did in 2008.
Source: IR-2010-119
Property held in a decedent’s name passing by will.