Question
1. Jose purchased a vehicle for business and personal use. In 2019, he used the vehicle 17,500 miles (80% of total) for business and calculated
1. Jose purchased a vehicle for business and personal use. In 2019, he used the vehicle 17,500 miles (80% of total) for business and calculated his vehicle expenses using the standard mileage rate (mileage was incurred ratably throughout the year). He paid $1,600 in interest and $155 in property taxes on the car.
Required:
Calculate the total business deduction related to the car:
Schedule C:
Schedule A:
2.
Jordan took a business trip from New York to Denver. She spent two days in travel, conducted business for nine days, and visited friends for five days. She incurred the following expenses:
Airfare | $ | 400 | |
Lodging | 2,000 | ||
Meals | 500 | ||
Entertainment of clients | 400 | ||
Required:
How much of these expenses can Jordan deduct? (Do not round intermediate calculations. Round your final answer to the nearest whole dollar value.)
Deduction:
3.
Eric, who is single, has income from his Schedule C of $112,500. His taxable income is $90,000 after his other deductions.
Required:
What is Erics QBI deduction for 2019?
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