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james, a self-employed consultant, drove her car 18,000 miles for business and 6,000 miles for personal purposes in 2020. Expenses related to her use of
james, a self-employed consultant, drove her car 18,000 miles for business and 6,000 miles for personal purposes in 2020. Expenses related to her use of the car are shown below.
Gas, oil, and repairs | $5,000 |
Insurance | 2,500 |
Interest on car loan | 2,000 |
Depreciation | 5,100 |
Parking fees (entirely for business) | 100 |
If James elects to use the actual method, what is the amount of her allowable automobile deduction for 2020?
$10,950
$11,025
$11,050
$11,310
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