Question
Johnny Jobul is self employed and runs his business from his home. He has $200,000 in business income in 2020. During the current year, he
Johnny Jobul is self employed and runs his business from his home. He has $200,000 in business income in 2020. During the current year, he has the following costs:
Utilities- $100; Maintenance- $500; Property taxes- $200; Interest on Mortgage- $6000; Repainting and rewiring the work space in home-$1430
His home office is 380 square feet. His house is 1000 square feet total. Determine the maximum work space in home deduction that would be available to Mr. Jobul.
Round to the nearest dollar. Do NOT write commas, dollar signs, or decimals in your response.
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Intermediate Accounting 2014 FASB Update
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
15th edition
978-1118938782, 111893878X, 978-1118985311, 1118985311, 978-1118562185, 1118562186, 978-1118147290
