Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In 2 0 1 9 , Jessica bought a new heavy truck for $ 4 2 , 0 0 0 to use 8 0 %

In 2019, Jessica bought a new heavy truck for $42,000 to use 80% for her sole proprietorship. Total miles driven include 9,400 in 2019,10,400 in 2020, and 9,900 in 2021.(Use Table 6A-1)
Required:
If Jessica uses the standard mileage method, how much may she deduct on her 2021 tax return (miles were incurred ratably throughout the year)?
What is the deduction for 2021 assuming the actual method was used from the beginning? Calculate depreciation only; the truck is not limited by the luxury auto rules. Also, assume 179 was not elected in the year of purchase.
Note: For all requirements, do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.

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

Step: 3

blur-text-image

Ace Your Homework with AI

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

Get Started

Recommended Textbook for

Accounting

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

23rd Edition

978-0324662962

More Books

Students also viewed these Accounting questions

Question

How is the OSI model used for troubleshooting purposes?

Answered: 1 week ago

Question

Explain the concept of shear force and bending moment in beams.

Answered: 1 week ago

Question

=+ (b) affect the world interest rate?

Answered: 1 week ago