Cole purchased a car for business and personal use. In 2022, he used the car 60% for business (13,000 total use miles – ratably through the year) and used the standard mileage rate to calculate his vehicle expenses. He also paid $1,500 in interest and $360 in county property tax on the car. What is the total business deduction related to business use of the car rounded to the nearest dollar?
Cole purchased a car for business and personal use. In 2022, he used the car 60% for business (13,000 total use miles – ratably through the year) and used the standard mileage rate to calculate his vehicle expenses. He also paid $1,500 in interest and $360 in county property tax on the car. What is the total business deduction related to business use of the car rounded to the nearest dollar?
Chapter5: Introduction To Business Expenses
Section: Chapter Questions
Problem 35P
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Question
Cole purchased a car for business and personal use. In 2022, he used the car 60% for business (13,000 total use miles – ratably through the year) and used the standard mileage rate to calculate his vehicle expenses. He also paid $1,500 in interest and $360 in county property tax on the car. What is the total business deduction related to business use of the car rounded to the nearest dollar?
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT