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Intermediate Vehicle Expense [2019] 1 In March 2018, Pete drove his 2017 Ford Escape 560 miles round trip to a rental property he owns in
Intermediate Vehicle Expense [2019] | |
1 | In March 2018, Pete drove his 2017 Ford Escape 560 miles round trip to a rental property he owns in the mountains. He rents out the property to hunters and had to make some emergency repairs. Pete purchased the used Escape on 1/3/2018. What is his Schedule E deduction for vehicle expense if he uses SMR? |
A.- $300 | |
B.- $305 | |
C.- $325 | |
D.- $337 | |
2 | Which of the following taxpayers CANNOT claim the standard mileage rate? |
A.- Axl bought two new cars this year. He usually uses his Jetta when running errands for his consulting business. Occasionally, he trades cars with his wife and uses her Jeep. | |
B.- Brittany leased a new Mustang this year. She uses it to travel between her two business locations. | |
C.- Cara has a Kia that she has used in business for seven years using actual expenses. Now that it is fully depreciated she would like to switch to the standard mileage rate. | |
D.- Dylon has a Camry that he purchased in 2016. In 2016, he claimed the standard mileage rate. Since then, he has claimed actual expenses. |
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