Required: a. If Jessica uses the standard mileage method, how much may she deduct on her 2022 tax return (miles were incurred ratably throughout the year)? b. What is the deduction for 2022 assuming the actual method was used from the beginning? Calculate depreciation only, the truck is not limited by the luxury auto rules. Also, assume $179 was not elected in the year of purchase. a b. Deduction

Required: a. If Jessica uses the standard mileage method, how much may she deduct on her 2022 tax return (miles were incurred ratably throughout the year)? b. What is the deduction for 2022 assuming the actual method was used from the beginning? Calculate depreciation only, the truck is not limited by the luxury auto rules. Also, assume $179 was not elected in the year of purchase. a b. Deduction

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter9: Deductions: Employee And Self- Employed-related Expenses

Section: Chapter Questions

Problem 41P: Shelly has 200,000 of QBI from her local jewelry store (a sole proprietorship). Shellys...

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Shelly has 200,000 of QBI from her local jewelry store (a sole proprietorship). Shellys proprietorship paid 30,000 in W-2 wages and has 20,000 of qualified property. Shellys spouse earned 74,400 of wages as an employee, they earned 20,000 of interest income during the year, and they will be filing jointly and using the standard deduction. What is their QBI deduction for 2019?