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- $600; Maintenance- $500; Property taxes- $200; Interest on Mortgage- $6000; Repainting and rewiring the work space in home-$1490
His home office is 200 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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Multinational Financial Management
Authors: Alan C Shapiro, Paul Hanouna
11th Edition
1119559901, 9781119559900
