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Tax - Intermediate Vehicle Expense [2019] _ 19 Chris Cruz has decided to start a taxi company and has purchased 7 passenger vehicles. He has
Tax - Intermediate Vehicle Expense [2019] _ | |
19 | Chris Cruz has decided to start a taxi company and has purchased 7 passenger vehicles. He has hired 15 drivers so that he can keep all of the vehicles on the road at all times. What are his options for vehicle expenses? |
A.- Chris can use SMR for up to four of the vehicles, but he will have to use actual expenses for the other three. | |
B.- Chris must use actual expenses for all of the vehicles. | |
C.- Chris can make a different decision for each vehicle. | |
D.- Chris will have use SMR in the first year, so that he can choose SMR or actual expenses in future years. | |
20 | Josh uses his 2014 Dodge Caravan in his landscaping business. He also has a rental property about 100 miles away that he goes to once a month. He uses actual expenses. What forms will report expenses for the van? |
A.- Schedule C and Form 4562. | |
B.- Schedule E and Form 4562. | |
C.- Schedule C, Schedule E, and Form 4562. | |
D.- Form 4562. |
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