Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

How do I fill out schedule C for the Paige Turner problem especially part 2 number 9 car and truck expenses? Paige sells real estate

How do I fill out schedule C for the Paige Turner problem especially part 2 number 9 car and truck expenses?

Paige sells real estate in the evening and on weekends (considered an active trade or business). She runs her business from a rental office she shares with several other realtors (692 River Road, Bangor, Maine 04401). The name of her business is Turner Real Estate and the federal identification number is 05-8799561. Her business code is 531210. Paige has been operating in a business-like way since 2005 and has always shown a profit. She had the following income and expenses from her business:

Commissions earned Expenses:

$21,250

Advertising

2,200

Telephone

95

Real estate license

130

Rent

6,000

Utilities

600

She has used her Acura TL in her business since July 1, 2015. During 2015, she properly documented 6,000 business miles (1,000 miles each month). The total mileage on her car (i.e., for both business and personal use) during the year was 15,000 miles (including 200 miles commuting to and from the real estate office). In 2015, Paige elects to use the standard mileage method to calculate her car expenses. She spent $45 on tolls and $135 on parking related to the real estate business.

I'm not sure how much more information is required to fill out a Schedule C, can you tell me so I can send the information?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

3. Identify cultural universals in nonverbal communication.

Answered: 1 week ago