I inherited property in one state and travelled 168 mi from my home state to improve the property. Can I add to basis of investment propety all miles i drove to improve?

[Phillip1 · Accepted solution]

Yes.

Adding an amount equal to your mileage multiplied by the IRS standard mileage rate to the cost basis would be the proper way to account for auto expenses related to an investment real estate property. Keep mileage documentation with the other documentation for the improvement, and the basis addition for 168 miles in 2017 would be 89.88 dollars.

[sc5lewis]

Thanx, can i add to basis mileage to 'and from' the investment real estate property, which was not a rental?