Homework Answers
The maximum deduction allowed will be $5756.
However, you can only claim the percentage of expenses that apply to the business use of your vehicle. But in this case this $5756 is the total expense and no ther option available less than this amount, so it will be the answer for now.
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In 2019, Cooper started a new business that requires him to use his car extensively for...
In 2019, Dan, a self-employed taxpayer, uses his car extensively for business purposes. He has not...
In 2019, Dan, a self-employed taxpayer, uses his car extensively for business purposes. He has not claimed any depreciation on his car in the past. Dan's records reflect that he incurred the following expenses for 2019: Gasoline and oil $9,100 Repairs on auto 3,200 Business parking and tolls 200 Depreciation -- business portion 2,200 Insurance 795 Licenses, tags, etc. 100 Total $15,595 Total miles driven 30,000 Business miles (mileage incurred ratably throughout the year) 24,000 What is the maximum deduction...
Automobile Busness usage % meals -50% Dedoctine Entertinment - N/D. a iftos - Limited 25gr/Dong BUSINESS...
Automobile Busness usage % meals -50% Dedoctine Entertinment - N/D. a iftos - Limited 25gr/Dong BUSINESS EXPENSES: bill is self employed. He uses his automobile in his business. During 2019, he had the following automobile expenses: - Business use of his personal auto - Total miles driven 15,000 miles 25,000 miles Bill's records of TOTAL automobile costs for 2019 are as follows: Actual Gasoline 5,000 Interest on auto loan 1,500 Insurance 1,000 Repairs and maintenance 2,100 Licenses, registration etc. 400...
On July 1, 2015, Rex purchases a new automobile for $41,500. He uses the car 86%...
On July 1, 2015, Rex purchases a new automobile for $41,500. He uses the car 86% for business and drives the car as follows: 12,500 miles in 2015, 31,250 miles in 2016, 35,000 miles in 2017, and 25,000 miles in 2018. Determine Rex's basis in the business portion of the auto as of January 1, 2019, under the following assumptions: If required, round answers to the nearest dollar. a. Rex uses the automatic mileage method. Compute his basis adjustments for...
Lina purchased a new car for use in her business during 2019. The auto was the...
Lina purchased a new car for use in her business during 2019.
The auto was the only business asset she purchased during the year
and her business was extremely profitable. Calculate her maximum
depreciation deductions (including §179 expense unless stated
otherwise) for the automobile in 2019 and 2020 (Lina doesn’t want
to take bonus depreciation for 2019 or 2020) in the following
alternative scenarios (assuming half-year convention for all)
e. The vehicle cost $80,000, and she used it 20 percent...
Lina purchased a new car for use in her business during 2019. The auto was the...
Lina purchased a new car for use in her business during 2019. The auto was the only business asset she purchased during the year and her business was extremely profitable. Calculate her maximum depreciation deductions (Including $179 expense unless stated otherwise) for the automobile in 2019 and 2020 (Lina doesn't want to take bonus depreciation for 2019 or 2020) In the following alternative scenarios (assuming half-year convention for all): (Use MACRS Table 1, Table 2, and Exhibit 10-10.) a. The...
Lina purchased a new car for use in her business during 2019. The auto was the...
Lina purchased a new car for use in her business during 2019.
The auto was the only business asset she purchased during the year
and her business was extremely profitable. Calculate her maximum
depreciation deductions (including §179 expense unless stated
otherwise) for the automobile in 2019 and 2020 (Lina doesn’t want
to take bonus depreciation for 2019 or 2020) in the following
alternative scenarios (assuming half-year convention for all)
d. The vehicle cost $80,000, and she used it 80 percent...
Lina purchased a new car for use in her business during 2019. The auto was the...
Lina purchased a new car for use in her business during 2019. The auto was the only business asset she purchased during the year and her business was extremely profitable. Calculate her maximum depreciation deductions (including §179 expense unless stated otherwise) for the automobile in 2019 and 2020 (Lina doesn’t want to take bonus depreciation for 2019 or 2020) in the following alternative scenarios (assuming half-year convention for all): (Use MACRS Table 1, Table 2, and Exhibit 10-10.) The vehicle...
Lina purchased a new car for use in her business during 2019. The auto was the...
Lina purchased a new car for use in her business during 2019. The auto was the only business asset she purchased during the year and her business was extremely profitable. Calculate her maximum depreciation deductions (including §179 expense unless stated otherwise) for the automobile in 2019 and 2020 (Lina doesn’t want to take bonus depreciation for 2019 or 2020) in the following alternative scenarios (assuming half-year convention for all): (Use MACRS Table 1, Table 2, and Exhibit 10-10.) f. The...
Lina purchased a new car for use in her business during 2019. The auto was the...
Lina purchased a new car for use in her business during 2019. The auto was the only business asset she purchased during the year and her business was extremely profitable. Calculate her maximum depreciation deductions (including §179 expense unless stated otherwise) for the automobile in 2019 and 2020 (Lina doesn’t want to take bonus depreciation for 2019 or 2020) in the following alternative scenarios (assuming half-year convention for all) a. The vehicle cost $$31,600 and business use is 100 percent...
Lina purchased a new car for use in her business during 2019. The auto was the...
Lina purchased a new car for use in her business during 2019. The auto was the only business asset she purchased during the year and her business was extremely profitable. Calculate her maximum depreciation deductions (including §179 expense unless stated otherwise) for the automobile in 2019 and 2020 (Lina doesn’t want to take bonus depreciation for 2019 or 2020) in the following alternative scenarios (assuming half-year convention for all): (Use MACRS Table 1, Table 2, and Exhibit 10-10.) Table 1...
In 2019, Dan, a self-employed taxpayer, uses his car extensively for business purposes. He has not claimed any depreciation on his car in the past. Dan's records reflect that he incurred the following expenses for 2019: Gasoline and oil $9,100 Repairs on auto 3,200 Business parking and tolls 200 Depreciation -- business portion 2,200 Insurance 795 Licenses, tags, etc. 100 Total $15,595 Total miles driven 30,000 Business miles (mileage incurred ratably throughout the year) 24,000 What is the maximum deduction...
Automobile Busness usage % meals -50% Dedoctine Entertinment - N/D. a iftos - Limited 25gr/Dong BUSINESS EXPENSES: bill is self employed. He uses his automobile in his business. During 2019, he had the following automobile expenses: - Business use of his personal auto - Total miles driven 15,000 miles 25,000 miles Bill's records of TOTAL automobile costs for 2019 are as follows: Actual Gasoline 5,000 Interest on auto loan 1,500 Insurance 1,000 Repairs and maintenance 2,100 Licenses, registration etc. 400...
On July 1, 2015, Rex purchases a new automobile for $41,500. He uses the car 86% for business and drives the car as follows: 12,500 miles in 2015, 31,250 miles in 2016, 35,000 miles in 2017, and 25,000 miles in 2018. Determine Rex's basis in the business portion of the auto as of January 1, 2019, under the following assumptions: If required, round answers to the nearest dollar. a. Rex uses the automatic mileage method. Compute his basis adjustments for...
Lina purchased a new car for use in her business during 2019.
The auto was the only business asset she purchased during the year
and her business was extremely profitable. Calculate her maximum
depreciation deductions (including §179 expense unless stated
otherwise) for the automobile in 2019 and 2020 (Lina doesn’t want
to take bonus depreciation for 2019 or 2020) in the following
alternative scenarios (assuming half-year convention for all)
e. The vehicle cost $80,000, and she used it 20 percent...
Lina purchased a new car for use in her business during 2019. The auto was the only business asset she purchased during the year and her business was extremely profitable. Calculate her maximum depreciation deductions (Including $179 expense unless stated otherwise) for the automobile in 2019 and 2020 (Lina doesn't want to take bonus depreciation for 2019 or 2020) In the following alternative scenarios (assuming half-year convention for all): (Use MACRS Table 1, Table 2, and Exhibit 10-10.) a. The...
Lina purchased a new car for use in her business during 2019.
The auto was the only business asset she purchased during the year
and her business was extremely profitable. Calculate her maximum
depreciation deductions (including §179 expense unless stated
otherwise) for the automobile in 2019 and 2020 (Lina doesn’t want
to take bonus depreciation for 2019 or 2020) in the following
alternative scenarios (assuming half-year convention for all)
d. The vehicle cost $80,000, and she used it 80 percent...
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