Question
Jasmine uses her personal automobile in her business of selling insurances. she bought a new car in 2021 and drove it a total of 30,000
Jasmine uses her personal automobile in her business of selling insurances. she bought a new car in 2021 and drove it a total of 30,000 miles, of which 3,000 miles were for commuting and other personal uses and the remainder was business use. Actual gas, oil, repairs, licensing, insurance, and depreciation totaled $16,500 for 2021. Actual parking expenses for business were $200. In 2021, the standard mileage rate is $0.56 per mile. What is the amount Jasmine can deduct for her auto expenses in 2021 if she uses the standard mileage method?
Step by Step Solution
3.51 Rating (154 Votes )
There are 3 Steps involved in it
Step: 1
To calculate the Business use Miles drove miles for com...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get StartedRecommended Textbook for
Federal Taxation 2016 Comprehensive
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
29th Edition
134104374, 978-0134104379
Students also viewed these Accounting questions
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
View Answer in SolutionInn App