Money and Miles: Why REALTORS® Should Record Their Mileage
LOUISIANA REALTORS • May 25, 2018
Commuting from showings to closings to open houses can take a toll on your odometer. While your vehicle is one of your most important resources as a REALTOR®, it can also be convenient come tax time. Did you know that the mileage deduction for 2018 is 54.5 cents per mile? Now a couple of quarters each mile may not sound like much, but it can really add up. Let’s assume you drive 50 miles a day on average, five days a week, 48 weeks a year. You’re looking at approximately $6,500 that can be deducted from your taxable income. If you aren’t recording your mileage for tax purposes, you are literally leaving money on the table, or road.
How Do You Record and Report Your Mileage
Unfortunately the IRS doesn’t using the honor system. This means that you’ll need to maintain a compliant mileage log. In order for a log to be compliant, it will need to include the following information:
- The qualifying mileage for each trip.
- The dates of each trip.
- The locations involved in each trip.
- The business purpose behind these trips.
Now you won’t need to submit this data when you file your taxes, but it should be saved with your tax documents. It is recommended to keep all of your tax records for at least three years.
What Miles Can You Include for Tax Purposes?
There are a number of different driving purposes that meet the IRS’s definition of “business related”. Visiting new properties, meeting prospective and existing clients, traveling between offices, even picking up different supplies. It is important to know that your commute (from home to work and vice versa) cannot be included in these calculations.
What is the Best Way to Track Your Miles?
There are three ways to track your mileage that the IRS will accept. You can keep a manual, handwritten log. You can track your mileage digitally with photos and a spreadsheet. You can also download a mileage tracking app on your mobile device. A manual log is typically the cheapest option, as it only requires a notebook and pen. The downside to this option is that it is difficult to accurately record if you forget an entry, and if you lose the log, there is no backup. The digital option with photos and spreadsheets can be more reliable, it also tends to be more work. Mobile apps that automatically track and record your mileage are usually your best bet.
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The National Association of REALTORS® Board of Directors approved a 2026 budget with no dues increase and passed a Professional Standards Recommendation to clarify language in NAR Code of Ethics Standard of Practice 10-5, which prohibits harassment of any person or persons protected under Article 10 of the Code. A day earlier, the Executive Committee approved another Professional Standards change, revising language for Policy Statement 29 designed to ensure state and local associations can fairly and consistently enforce the Code of Ethics. Learn more about the changes. Read the revised Code of Ethics and Standards of Practice. Board members also approved a consent agenda to elect the 2026 officers and regional vice presidents . Christine Hansen of Ft. Lauderdale, Fla., was elected 2026 President-Elect, and Colin Mullane of Ashland, Ore. was elected 2026 First Vice President. The meeting opened with a video message from President Donald Trump, who welcomed REALTORS® to Washington and thanked them for support of the House-passed tax reform. NAR routinely invites the U.S. president to address REALTORS® at the Washington meetings. Over NAR's history, nine sitting presidents have addressed the association. Board Actions Approved a series of Finance Committee recommendations, accepting the association’s financial statement, approving the 2026 operating and advocacy budgets, and keeping dues at $156. The board actions also redirect $35 of the $45 Consumer Advertising Campaign assessment to operating funds. This change positions NAR to make its next settlement payment in February 2026 and maintain a balanced budget without raising total dues. The remaining $10 for the Consumer Advertising Campaign will fund optimized, metrics-driven activities that reach and engage consumers in critical markets. NAR CEO Nykia Wright and President Kevin Sears explained the shift at the opening session of the conference . Amended Standard of Practice 10-5 to give state and local associations greater clarity in how to fairly and consistently enforce Article 10 of the Code of Ethics. The amended Standard of Practice says that REALTORS®, in their capacity as real estate professionals, in association with their real estate businesses, or in their real estate-related activities, shall not harass any person or persons based on race, color, religion, sex, disability, familial status, national origin, sexual orientation, or gender identity. Made a series of recommendations to the Standards of Practice to bring the language in line with the terms of NAR’s 2024 settlement. Approved a motion to make one member of the Executive Committee a commercial practitioner who has served as chair, vice chair or liaison of an NAR commercial-related committee or forum to serve a two-year term and be independent of the 10% commercial representation requirement outlined in the NAR Constitution. Approved a recommendation from the Credentials and Campaign Rules Committee to amend qualifications for president-elect, first vice president and treasurer effective Jan. 1, 2026. Qualifications for top-line officers are now aligned with those already in place for regional vice presidents. Approved recommendations from the Member Accountability Committee related to applications for volunteer leadership and the Statement of Appropriate Event Conduct. The goal of the recommendations is to ensure members found in violation of the NAR Member Code of Conduct are properly disclosed. Award Winners NAR President Kevin Sears announced the 2025 Distinguished Service Award winners James P. Cormier , AHWD, C2EX, of Minneapolis-St. Paul, and Brooke S. Hunt , AHWD, E-PRO, SFR, SRS, C2EX , of Flower Mound, Texas. In addition, the group recognized the winner of the 2024 William R. Magel Award, Anne Marie DeCatsye , CEO of the Canopy REALTOR® Association and Canopy MLS in the Charlotte, N.C., metro area. REALTORS® Relief Foundation During the meeting, REALTORS® Relief Foundation President Greg Hrabcak appealed to board members to make a tax-deductible donation. The fund provides housing assistance to victims in the immediate aftermath of a disaster; 100% of funds donated go to disaster relief. “We’ve had devastating wildfires in California, tornadoes in Missouri and Kentucky and flooding in West Virginia, and we’re still in the first half of this year,” Hrabcak said. Before the meeting ended, directors had donated more than $41,000.
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