What was the IRS allowed work related milage reinursement rate in 07?

Question

What was the IRS allowed work related milage reinursement rate in 07?

Answer 1

It was 48.5 cents per mile for 2007.  It rose to 50.5 cents per mile on Jan 1, 2008 and will rise to 58.5 cents per mile on July 1, 2008.

BTW, this is the FEDERAL reimbursement rate.  Employers are free to reimburse at any rate they choose, higher or lower, including no reimbursement at all.  Bookkeeping is simpler (for both employers and employees) if the Federal rate is used, but it is NOT mandatory that it be used.

Answer 2

And to add to the confusion, it's going to 58.5 cents on July 1.

48.5 cents for 2007, 50.5 cents for 2008 is correct.

Answer 3

50.5 cents/mile is the 2008 rate.  It was 48.5 cents/mile for 2007.